georgeclerk Rodman & Renshaw launched its coverage of Canadian biopharma Milestone Pharmaceuticals ( NASDAQ: MIST ) with a Buy rating and a $9 price target, citing a potential FDA nod for its lead candidate Cardamyst next year. The nasal spray, also known as etripamil, is currently under FDA review for a heart condition known as paroxysmal supraventricular tachycardia (PSVT) with a decision expected in 2025. Based on the Phase 3 data generated from MIST’s RAPID trial in PSVT, Rodman & Renshaw analyst Brandon Folkes cited an early 2025 approval and a successful commercial rollout for the product.
The analyst noted that investors are currently focused on the company’s potential against PSVT. However, with a Phase 3 trial for etripamil expected to begin enrollments in 2025 for patients with atrial fibrillation with rapid ventricular rate (AFib-RVR), Folkes argued that the “AFib opportunity is significant for MIST, which could roughly double the addressable market for Cardamyst.” More on Milestone Pharmaceuticals Seeking Alpha’s Quant Rating on Milestone Pharmaceuticals Historical earnings data for Milestone Pharmaceuticals Financial information for Milestone Pharmaceuticals.