Milestone Pharmaceuticals stock advances Phase 3 trial plans

Milestone Pharmaceuticals stock (ISIN CA59935V1076) was last at USD 0.779 on Nasdaq on October 6, 2026, at 3:59 p.m. ET, while the company advanced its ReVeRA-301 Phase 3 trial for atrial fibrillation with rapid ventricular rate. The Montreal Heart Institute enrolled the first Canadian participant, moving the multinational study toward its target of 150 treated AFib-RVR events, according to GlobeNewswire on September 24, 2026.

ReVeRA-301 reaches Canada

The trial evaluates etripamil nasal spray as a self-administered treatment for AFib-RVR. Its primary endpoint measures ventricular-rate reduction within 30 minutes, while a secondary endpoint tracks symptom improvement through patient reports, the company said in the September 24, 2026 release.

The Canadian site uses the same 70 mg repeat-dose regimen that has U.S. Food and Drug Administration approval for paroxysmal supraventricular tachycardia under the CARDAMYST brand. The study design is randomized, double-blind and placebo-controlled, creating a clinical checkpoint that matters more than the enrollment headline alone.

Q2 figures show commercial pressure

Milestone reported Q2 2026 revenue of USD 0.56 million and a loss of USD 0.21 per share, compared with consensus of USD 0.82 million in revenue and a loss of USD 0.20 per share, according to MarketBeat in its September 21, 2026 report. The revenue shortfall was USD 0.26 million, while the EPS miss was USD 0.01.

The contrast is clear: the pipeline is moving through a 150-event pivotal study, but the latest reported quarter still showed limited revenue and a per-share loss. For investors, execution in the commercial launch and progress toward the AFib-RVR endpoint remain separate tests.

Consensus remains strongly bullish

Seven analysts tracked by Investing.com carry a Strong Buy consensus, with an average 12-month target of USD 5.857, a high of USD 8 and a low of USD 2. The average target lies 86.7 percent above the USD 0.779 price.

H.C. Wainwright maintained a Buy rating and an USD 8 target on September 4, 2026, according to the same Investing.com analyst table. That target is more than a valuation marker: it reflects expectations for clinical progress and commercialization, while the Q2 loss shows the financing and launch risks attached to those expectations.

Stock remains near yearly low

Milestone Pharmaceuticals stock was last at USD 0.779 on Nasdaq on October 6, 2026. The 52-week range was USD 0.752 to USD 3.060, and market capitalization stood at USD 109.8 million on that date.

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