In a report released today, Brandon Folkes from H.C. Wainwright maintained a Buy rating on Milestone Pharmaceuticals, with a price target of $5.00.
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Brandon Folkes has given his Buy rating due to a combination of factors surrounding Milestone Pharmaceuticals. The company’s recent resubmission of its NDA for Cardamyst, a treatment for paroxysmal supraventricular tachycardia, was accepted by the FDA, which is seen as a significant positive development. This acceptance follows a previous Complete Response Letter, and the FDA has set a PDUFA date, indicating progress towards potential approval.
Milestone has addressed key issues identified by the FDA, including concerns about nitrosamine impurities and the inspection of a testing facility. The company has conducted necessary testing and qualified a new facility, which has already been inspected by the FDA without issues. These steps have increased the likelihood of approval for Cardamyst, and Folkes believes that the stock presents a favorable risk-reward opportunity, supporting his Buy rating and price target.
Folkes covers the Healthcare sector, focusing on stocks such as Omeros, Eupraxia Pharmaceuticals, and Milestone Pharmaceuticals. According to TipRanks, Folkes has an average return of -6.7% and a 34.25% success rate on recommended stocks.