BiQ: Quick Update on Milestone Therapeutics for 03/31/26 (MIST)
Quick Note on Today's Market Rebound
The main focus of this article is Milestone Therapeutics (MIST); however, I wanted to first share a few thoughts about navigating the market volatility we are experiencing.
As we all probably know by now, equity markets rebounded sharply on today's headlines about the US War in Iran, indicating signs of progress on both sides. While I would welcome an end to the War, I plan to remain cautious for now. Despite today's headlines, at the time of this writing, oil futures have barely moved, and 10-Year Treasury yields have ticked down slightly, indicating that Oil & Bond Markets remain skeptical that we're at a true turning point. While this can be a little bit like reading tea leaves, at the very least, I think the setup still merits caution.
One of my main goals at BiQ is to encourage members to always remain focused on their long-term thesis, while trying to tune-out short term noise and distortions. In practical terms, this translates to trying to avoid overcommitting during times of enthusiasm, while also avoiding being shaken out during times of heightened anxiety or fear. One way I try to help with this is by sharing my theses for each name I cover and answering any questions that come up, which I hope helps members to stay focused on the long term. While a thesis may not always pan out as we expect, no matter how well-researched it may be, in my opinion, staying on-thesis (until the thesis changes) is still the best way to win in the long term.
If one can avoid stepping onto the emotional roller-coaster, especially nowadays, as news headlines seem almost designed to drive maximum alternating fear and greed, periods of market volatility, such as we are experiencing, can offer savvy investors exceptional opportunities to achieve long-term success.
Update on Milestone Therapeutics (MIST)
As a starting point, I suggest members read my earlier article on MIST's Q4 Earnings, available here.
MIST issued a PR today announcing that Express Scripts added CARDAMYST to its National Preferred Formulary. As per my earlier article, formulary access and payer coverage were the most important derisking events I was looking for after Q4 earnings. Hopefully, this is the first such announcement, and I will be looking for follow-on announcements regarding CVS Caremark and OptumRx as MIST continues payer negotiations. CMS inclusion is still expected by 2027.
Obviously, given that we're at the end of Q1, I don't expect today's news to impact Q1 revenue in any meaningful way, and my expectations for Q1 remain modest. However, let's put today's announcement in perspective and explore in more detail how today's announcement may impact the company's future trajectory.
Members can refer to the BiQAP Active Portfolio page for additional information.