Milestone Pharmaceuticals Inc. [NASDAQ: MIST], a Phase 3 clinical-stage biopharmaceutical company dedicated to developing and commercializing etripamil for the treatment of cardiovascular indications, is among the few stocks that closed green on the first day of trading this week. At close on Monday MIST was trading at $19.05 following a positive relative change of +0.34. Moreover, the stock rose by 1.82% on the same day. Milestone Pharmaceuticals Inc. has a market cap of $466 million, a 52-week high of $19.67 and a low in the same period of $15.09. Previously it had closed the trading at $18.71 but traded as high as $19.50 on Monday. About 45,675 shares exchanged hands yesterday and achieved an average volume 248,871.
Following the debut of Milestone Pharmaceuticals Inc. [MIST] on Nasdaq several weeks ago, investors have been alert on the new pharma investment kid on the street. Milestone Pharmaceuticals put 5 million shares on sell during the IPO in its S-1 filing. The shares had been priced between $14 and $16 which represented 21.6% of the outstanding shares. MIST launched on Nasdaq around $16.00, formed a base support at $15.00 before correcting as high as $19.67. There has been a retracement that tested the short-term support at $18.00. As discussed a correction above this support yesterday record gains to close the trading at $19.05.
Jefferies LLC, Cowen and Company, LLC, and Piper Jaffray & Co. served as joint book-running managers for the initial public offering (IPO). Oppenheimer & Co. Inc. served as lead manager for the offering.
Meanwhile, report on the market indicates that one of the major shares holders in the company Rtw Investments, Lp purchased additional shares amounting to roughly 666,667. The transaction took place on Thursday, May 9 at an average cost bringing the total cost to about $10,000,000.00. The company disclosed of the transaction in a filing with the Securities and Exchange Commission (SEC). The SEC’s guidelines indicate that all shareholders owning a certain amount of shares in a company (5% or above and in some cases 10% and above) disclose all sales and purchases.
From a technical stand point of view, MIST has been trading in a slow and steady upward trend. The chart has maintained a sideways uptrend over the past 7 days of trading and is showing potential for a move in the near term. Support seems to be around $15.10 and resistance is around the $19’s range. Keep an eye on MIST for a possible breakout of the high $19 area.
About Milestone Pharmaceuticals
According to the filing with the SEC, Milestone Pharmaceuticals is a biopharmaceutical firm that focuses on creating and commercializing etripamil used for the treatment of Cardiovascular indications. It provides Etripamil following the completion of Phase 2 clinical trial used in the treatment of paroxysmal supraventricular tachycardia mainly in the U.S and Canada regions. In addition to that the treatment also used to deal with Atrial Fibrillation and Angina.