Saturday, July 13, 2024

Jefferies downgrades Milestone to hold, cites product launch concerns

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Rasi Bhadramani

Jefferies has downgraded their rating on Milestone Pharmaceuticals (NASDAQ:MIST) to hold, citing concerns about the commercial opportunity for the company’s lead product, etripamil, in the treatment of paroxysmal supraventricular tachycardia, or PSVT, a type of heart arrhythmia.

While the investment bank sees etripamil receiving FDA approval in late 2024, it said it’s “cautious about uptake” as the “revenue ramp could be slow from G2N discounting in the first few years of launch.”

Jefferies added that it sees peak sales of around $550M for etripamil in the treatment of PSVT.

The bank has a price target of $4 on the stock.

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