H.C. Wainwright analyst Brandon Folkes reiterated a Buy rating on Milestone Pharmaceuticals today and set a price target of $8.00.
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Brandon Folkes’s rating is based on the recent approval of Cardamyst (etripamil) for the treatment of paroxysmal supraventricular tachycardia (PSVT), which has significantly enhanced the commercial prospects of Milestone Pharmaceuticals. This approval transitions the company from a development stage to a commercial stage, unlocking a promising pipeline opportunity. The approval also increases the likelihood of success for Cardamyst in treating AFib-RVR, as it can now follow a supplemental New Drug application pathway.
Folkes anticipates that Cardamyst will outperform commercial expectations in the PSVT market, as it targets an underserved patient population with a novel, self-administered nasal spray. The straightforward FDA label and positive safety profile further bolster the product’s market potential. Additionally, Milestone Pharmaceuticals is well-funded to support the launch of Cardamyst, with substantial financial backing from recent royalty financing and equity raises, which positions the company for strong share momentum in the coming months.