Oppenheimer analyst Leland Gershell upgraded Milestone Pharmaceuticals  (MIST) to Outperform from Perform with an $18 price target.

Following a period of "registration path uncertainty" post NODE-301's primary endpoint miss in March, Milestone has emerged from FDA discussions on track to complete etripamil's development in paroxysmal supraventricular tachycardia without the need to run a new trial, Gershell tells investors in a research note partially titled "Best-Case FDA Outcome."

This is a "solid positive" relative to expectations, says the analyst, who notes the company has a cash runway sufficient through the RAPID readout by early 2022.