Milestone Pharmaceuticals Inc (NASDAQ:MIST) Stock Moves Up 9% After Quarterly Earnings

Last Friday, the biopharmaceutical company Milestone Pharmaceuticals Inc (NASDAQ:MIST) was in considerable focus among investors after it announced its financial results for the third fiscal quarter that had concluded on September 30, 2021.

Market Action

On Friday, MIST stock gained 10.51% to $6.10 with more than 26k shares, compared to its average volume of 27K shares. The stock has moved within a range of $5.50 – 6.11 after opening trade at $5.50.

Latest News

The stock ended the day with gains of as much as 9% and it is likely that it is going to be in focus this morning as investors return to their trading desks. In this context, it might be a good move from investors to consider taking a closer look at some of the key highlights from the third quarter results.

At the end of the quarter, the company reported total of $126.4 million in the form of cash, short term investments and cash equivalents. On the other hand, the company spent as much as $9.7 million towards research and development in the third quarter and that was higher than the $8.2 million that it had spent towards research and development in the prior year period.

The general and administrative expenses remained unchanged year on year at $3 million. The general and administrative expenses for the first nine months of the year stood at $8.6 million and that remained unchanged from the prior year period as well.

Traders Note

MIST stock is trading above the 20-Day and 50-Day Moving averages of $5.69 and $5.69. Moreover, the stock is trading above the 200-Day moving average of $6.03. The stock is up 14% over the past 3-month.

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