In a report released today, Brandon Folkes from H.C. Wainwright reiterated 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 including the anticipated approval of Milestone Pharmaceuticals’ Cardamyst for the treatment of paroxysmal supraventricular tachycardia (PSVT) by 2025. The company’s recent financial maneuvers have strengthened its balance sheet, providing the necessary resources to support the launch of Cardamyst, assuming it receives approval.
The FDA’s acceptance of Milestone’s resubmission for Cardamyst, following a Complete Response Letter, indicates a positive regulatory trajectory. Additionally, the potential market for Cardamyst is significant, with the drug expected to reduce emergency room visits and achieve peak annual sales exceeding $700 million. Milestone’s strategic focus on PSVT, along with its extended financial runway through 2027, further supports the Buy recommendation.