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TD Cowen downgraded Milestone Pharmaceuticals (MIST) to Hold from Buy and suspended the firm’s price target after Milestone announced the FDA issued a Complete Response Letter regarding its New Drug Application for Cardamyst nasal spray for the conversion of acute episodes of PSVT to sinus rhythm in adults. The CRL is “upending imminent launch plans” and timelines to NDA resubmission remain unclear given new concerns on FDA functionality, says the analyst, who adds that commercialization prospects are “also constrained by limited capital.”

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