In a report released today, Brandon Folkes from H.C. Wainwright maintained a Buy rating on Milestone Pharmaceuticals (MIST – Research Report), 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’ recent developments. The company has resubmitted its application for Cardamyst nasal spray, targeting paroxysmal supraventricular tachycardia, after addressing issues raised by the FDA. This resubmission follows a Type A meeting with the FDA, where it seems the company received positive feedback on resolving the previously identified concerns.
Folkes notes that the potential market for Cardamyst is substantial, with peak sales projected to exceed $700 million. The management’s confidence in having addressed the FDA’s concerns, particularly regarding nitrosamine impurities and facility inspections, further supports this optimism. Additionally, the possibility of a shorter review period could lead to significant financial benefits, such as the $75 million synthetic royalty funding, enhancing the stock’s attractiveness and justifying the Buy rating.