Milestone Pharmaceuticals (NASDAQ:MIST) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Milestone Pharmaceuticals (NASDAQ:MIST) announced its quarterly earnings results on Wednesday. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01), FiscalAI reports. The company had revenue of $0.56 million for the quarter, compared to analyst estimates of $0.82 million.

Here are the key takeaways from Milestone Pharmaceuticals’ conference call:

• Early CARDAMYST launch momentum: Second-quarter prescriptions exceeded 1,200, with more than 600 unique prescribers and over 1,000 patients receiving treatment, bringing first-half totals to more than 1,500 prescriptions, 800 prescribers, and 1,300 patients. Management said prescribing is broadening across electrophysiologists, cardiologists, and advanced practice providers, with repeat use beginning to emerge.
• Commercial coverage expanded materially: Formulary coverage increased from approximately 25% of commercially insured lives at the end of Q2 to more than 50% by early August, following wins at UnitedHealthcare and other insurers tied to major pharmacy benefit managers. The company expects broader coverage to improve patient access, prescription growth, and average selling prices by reducing copay assistance and denial conversions.
• Patient and physician marketing is set to scale: With coverage reaching a perceived critical mass, Milestone is initiating targeted digital patient activation through CARDAMYST.com, social media, search, and healthcare websites, while increasing sales-call frequency among receptive prescribers. Management believes patient requests and deeper engagement with early adopters can accelerate demand in the second half of 2026.
• AFib-RVR program advances: The pivotal Phase III RIVERA 301 trial has activated lead sites and is expected to enroll its first patients shortly, using the same 70 mg dose and repeat-dose regimen as CARDAMYST. A successful study could support a single-study supplemental NDA for a substantially larger estimated addressable population of 3 million to 4 million symptomatic AFib-RVR patients.
• Launch spending increased losses: Second-quarter selling, general and administrative expense rose to $22.6 million from $8.9 million a year earlier, contributing to a net loss of $28.6 million versus $13.0 million. Product revenue was $0.6 million for the quarter, although management said cash and short-term investments of $170.6 million should fund operations into the second half of 2027.

Milestone Pharmaceuticals Stock Down 8.7%

Shares of Milestone Pharmaceuticals stock traded down $0.11 during trading on Wednesday, hitting $1.16. The company’s stock had a trading volume of 5,033,025 shares, compared to its average volume of 1,891,881. Milestone Pharmaceuticals has a 52 week low of $1.00 and a 52 week high of $3.06. The company has a market capitalization of $144.28 million, a PE ratio of -1.70 and a beta of 0.98. The company has a fifty day simple moving average of $1.24 and a two-hundred day simple moving average of $1.53. The company has a debt-to-equity ratio of 1.61, a quick ratio of 9.09 and a current ratio of 9.18.

Analyst Upgrades and Downgrades

MIST has been the subject of a number of analyst reports. Wall Street Zen downgraded shares of Milestone Pharmaceuticals from a “hold” rating to a “strong sell” rating in a research report on Sunday, May 17th. Wells Fargo & Company lowered their target price on shares of Milestone Pharmaceuticals from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Thursday, May 14th. Zacks Research upgraded Milestone Pharmaceuticals from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Milestone Pharmaceuticals in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Milestone Pharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.25.

Institutional Trading of Milestone Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in shares of Milestone Pharmaceuticals by 200,550.0% during the third quarter. Bank of America Corp DE now owns 16,052 shares of the company’s stock valued at $32,000 after purchasing an additional 16,044 shares in the last quarter. Cetera Investment Advisers purchased a new position in Milestone Pharmaceuticals in the 4th quarter worth about $42,000. Invesco Ltd. purchased a new position in Milestone Pharmaceuticals in the 4th quarter worth about $44,000. Creative Planning lifted its stake in Milestone Pharmaceuticals by 74.6% during the 2nd quarter. Creative Planning now owns 23,410 shares of the company’s stock valued at $45,000 after acquiring an additional 10,000 shares during the period. Finally, Raymond James Financial Inc. lifted its stake in Milestone Pharmaceuticals by 30.1% during the 2nd quarter. Raymond James Financial Inc. now owns 43,235 shares of the company’s stock valued at $84,000 after acquiring an additional 10,000 shares during the period. Institutional investors own 86.18% of the company’s stock.

Milestone Pharmaceuticals Company Profile

Milestone Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing innovative therapies for respiratory diseases. The company’s research emphasizes both biologic and small-molecule approaches designed to improve mucociliary clearance, reduce airway inflammation and address chronic and refractory cough. Milestone’s pipeline targets key underserved conditions such as cystic fibrosis, primary ciliary dyskinesia and severe asthma.

Milestone’s lead product candidates are delivered through inhalation or systemic administration, reflecting the company’s commitment to optimizing therapeutic delivery directly to the lungs.