Alta Fundamental Advisers LLC Trims Position in Milestone Pharmaceuticals Inc. (NASDAQ:MIST)

Key Points

• Alta Fundamental Advisers LLC reduced its stake in Milestone Pharmaceuticals by 46.3%, now holding approximately 1.43 million shares of the company after selling over 1.23 million shares in Q1.
• Institutional investors own 86.18% of Milestone Pharmaceuticals, with other significant changes in positions including XTX Topco Ltd increasing its stake by 52.7%.
• Milestone Pharmaceuticals’ stock received a “buy” rating from HC Wainwright, with a target price set at $5.00, while the consensus rating remains at “Hold” with an average price target of $7.00.

Alta Fundamental Advisers LLC lessened its position in Milestone Pharmaceuticals Inc. (NASDAQ:MIST - Free Report) by 46.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,427,479 shares of the company's stock after selling 1,231,110 shares during the quarter. Milestone Pharmaceuticals comprises 0.7% of Alta Fundamental Advisers LLC's holdings, making the stock its 17th largest position. Alta Fundamental Advisers LLC owned 2.67% of Milestone Pharmaceuticals worth $1,142,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. National Bank of Canada FI increased its holdings in Milestone Pharmaceuticals by 163.4% in the 4th quarter. National Bank of Canada FI now owns 18,700 shares of the company's stock valued at $44,000 after purchasing an additional 11,600 shares during the last quarter. XTX Topco Ltd increased its holdings in Milestone Pharmaceuticals by 52.7% in the 1st quarter. XTX Topco Ltd now owns 52,004 shares of the company's stock valued at $42,000 after purchasing an additional 17,950 shares during the last quarter. Northern Trust Corp increased its holdings in Milestone Pharmaceuticals by 112.6% in the 4th quarter. Northern Trust Corp now owns 58,108 shares of the company's stock valued at $137,000 after purchasing an additional 30,772 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Milestone Pharmaceuticals in the 4th quarter valued at approximately $73,000. Finally, Boxer Capital Management LLC acquired a new stake in Milestone Pharmaceuticals in the 4th quarter valued at approximately $729,000. Hedge funds and other institutional investors own 86.18% of the company's stock.

Analysts Set New Price Targets

Separately, HC Wainwright upgraded shares of Milestone Pharmaceuticals to a "buy" rating and set a $5.00 target price for the company in a report on Thursday, June 5th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $7.00.

Milestone Pharmaceuticals Stock Up 7.1%

NASDAQ:MIST traded up $0.11 during mid-day trading on Tuesday, hitting $1.66. The stock had a trading volume of 990,935 shares, compared to its average volume of 1,327,234. Milestone Pharmaceuticals Inc. has a twelve month low of $0.63 and a twelve month high of $2.75. The stock has a 50-day simple moving average of $1.71 and a two-hundred day simple moving average of $1.60. The company has a current ratio of 4.67, a quick ratio of 4.67 and a debt-to-equity ratio of 4.06. The company has a market capitalization of $88.74 million, a PE ratio of -2.13 and a beta of 0.52.

Milestone Pharmaceuticals (NASDAQ:MIST - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.18) by ($0.02). On average, equities research analysts anticipate that Milestone Pharmaceuticals Inc. will post -0.62 EPS for the current year.

Milestone Pharmaceuticals Company Profile

Milestone Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of cardiovascular medicines. The company's lead product candidate is etripamil, a novel and potent calcium channel blocker, which is in Phase III clinical trial for the treatment of paroxysmal supraventricular tachycardia in the United States and Canada; and Phase II clinical trial for the treatment of atrial fibrillation and rapid ventricular rate.