MIST Stock: Friday Decline Amid Alleged False Reports Precedes FDA Approval of CARDAMYST

On

, Milestone Pharmaceuticals (MIST) experienced a sharp 20.98% stock decline, closing at $2.41 with extreme volatility (range: $1.61–$3.06) and 28.14 million shares traded—12.6x the 2.23 million average volume [0]. This decline was stock-specific; biotech peers showed mixed moves (ACOG -10%, CYBN +5.2%) [2]. Later that day, after market close (20:00 ET), Milestone announced FDA approval of CARDAMYST™ (etripamil) nasal spray, the first and only self-administered treatment for paroxysmal supraventricular tachycardia (PSVT), a condition affecting ~2 million Americans [1]. Reddit’s r/pennystocks community debated the decline’s cause, with the leading theory being a false report of non-approval (score: 5) and a secondary theory of profit-taking leading to panic selling/stop-loss cascades (score: 2). No concrete evidence of the alleged false report was found in available data, but the volume spike and stock-specific decline suggest a potential market reaction to unsubstantiated information or manipulation.

1. Timing Disconnect
   : The post-market approval announcement occurred after the trading day decline, creating a gap that may drive extreme volatility when markets reopen on December 15.
2. Transformational Milestone
   : CARDAMYST’s approval as a first-to-market treatment positions MIST to address a ~2 million patient PSVT market, with potential expansion to AFib-RVR (3–4 million patients) [1].
3. Upcoming Catalysts
   : A December 15 management conference call (8:00 ET) will provide critical details on commercialization plans, launch timelines (Q1 2026), and $75M royalty financing from RTW Investments [1].

• Extreme Volatility
  : December 15 trading may see heightened price swings as the market resolves the disconnect between the Friday decline and positive approval news.
• Regulatory Scrutiny
  : If the false report theory is confirmed, regulatory investigation could impact short-term price movement.

• Commercial Execution
  : Successfully launching CARDAMYST in a competitive cardiovascular market requires robust sales and marketing efforts [1].
• Pipeline Uncertainty
  : The AFib-RVR program is still in Phase 3, with no guaranteed success [1].
• Royalty Agreement Constraints
  : The $75M financing requires hitting sales milestones, which could dilute future returns [1].

• First-mover Advantage
  : CARDAMYST’s unique positioning as a self-administered PSVT treatment may capture significant market share.
• Large Addressable Market
  : The combined PSVT and potential AFib-RVR markets offer substantial growth potential.

Milestone Pharmaceuticals (MIST) encountered a dramatic 20.98% stock decline on December 12, 2025, driven by unconfirmed claims of a false non-approval report and high volume selling. The FDA approved CARDAMYST, the first self-administered PSVT nasal spray, after market close the same day—a major milestone for the company. Decision-makers should monitor December 15 trading data, the management conference call (8:00 ET), and social media/stock forum archives for evidence of the alleged false report to better understand market dynamics.