MIST Stock Forecast & Price Target

Milestone Pharmaceuticals is supported by a validated, first-in-class at-home rescue model for PSVT, with CARDAMYST already approved in the U.S. and now approved in China, reinforcing etripamil’s clinical and regulatory profile. The China approval unlocks a $2M milestone, eligibility for up to an additional $98M in development and commercial milestones, and tiered royalties of up to 18% on future Greater China sales, while the estimated 3M-6M diagnosed PSVT patients in China add meaningful ex-U.S. optionality without incremental commercial buildout. Fundamentally, the stock’s upside is anchored by improving U.S. access beyond >50% commercial coverage, ~800 prescribers writing the drug, and a longer-term AFib-RVR program that could materially expand the addressable market, all against a ~$130M EV and runway into 2H27.

Milestone Pharmaceuticals is viewed negatively because Cardamyst’s launch has been weaker than expected, with early prescription volume, prescriber productivity, and reported sales failing to validate the broad PSVT opportunity. Although prescriber breadth has improved, depth remains shallow and the product appears to be getting trialed rather than embedded in routine PSVT management, while management expects weighted-average net revenue per Rx to remain well below $500 for the rest of 2026. The company also faces meaningful commercial, payor, and concentration risk because it is heavily dependent on one asset, continues to post operating losses, and may need additional capital if uptake does not improve.