Milestone selloff on serious adverse event overdone, says H.C. Wainwright

H.C. Wainwright views the selloff in shares of Milestone Pharmaceuticals following the Phase 2 trial data, which evaluated etripamil, a self-administered intranasal calcium channel blocker, in patients with atrial fibrillation with rapid ventricular response as overdone. The selloff tied to a single severe serious adverse event appears overdone, the analyst tells investors in a research note. The firm says key opinion leader commentary is “overwhelmingly supportive of program advancement.” It sees the potential for etripamil in multiple indications with $1B-plus annual revenue or blockbuster potential. As such, Wainwright reiterates a Buy rating on the shares with a $25 price target.