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Milestone Pharmaceuticals

MIST on Nasdaq. Market value $97m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 78 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

  • Roderick Wong, M.D.
    Passive investor
    10.0%
    Since 31 December 2024
  • RTW Investments, LP
    Passive investor
    at least 9.9%0.0 pts
    (filed with 1 related holder)
    Since 31 March 2026
  • at least 9.9%
    (filed with 3 related holders)
    Since 11 July 2025
  • at least 7.3%
    (filed with 2 related holders)
    Since 31 December 2025
  • Adage Capital Management, L.P.
    Passive investor
    at least 6.4%−3.6 pts
    (filed with 2 related holders)
    Since 31 March 2026
  • at least 4.3%−5.6 pts
    (filed with 2 related holders)
    Since 20 March 2026
  • Integrated Core Strategies (US) LLC
    Passive investor
    Sold down below 5%
    Since 31 March 2025
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 31 March 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $1m, $180,365 of it under preset trading plans.

  • Oliveto Joseph
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    16 April 2026
    Shares
    36,500
    Price
    $2.26
    Value
    $82,490
  • Nelson Jeffrey Edward
    Chief Operating Officer
    Sold
    Date
    26 January 2026
    Shares
    12,245
    Price
    $1.93
    Value
    $23,633
  • Bharucha David
    Chief Medical Officer
    Sold
    Date
    26 January 2026
    Shares
    12,245
    Price
    $1.93
    Value
    $23,633
  • Hasija Amit
    CFO & EVP of Corp. Development
    Sold
    Date
    26 January 2026
    Shares
    12,245
    Price
    $1.93
    Value
    $23,633
  • Muller Lorenz
    Chief Commercial Officer
    Sold
    Date
    26 January 2026
    Shares
    11,180
    Price
    $1.93
    Value
    $21,577
  • Oliveto Joseph
    President and CEO, Director
    Sold
    Date
    26 January 2026
    Shares
    34,523
    Price
    $1.93
    Value
    $66,629
  • Oliveto Joseph
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    8 January 2026
    Shares
    43,000
    Price
    $2.25
    Value
    $96,750
  • Oliveto Joseph
    President and CEO, Director
    Sold
    under a preset trading plan
    Date
    7 January 2026
    Shares
    500
    Price
    $2.25
    Value
    $1,125
  • Nelson Jeffrey Edward
    Chief Operating Officer
    Sold
    Date
    15 December 2025
    Shares
    58,007
    Price
    $2.32
    Value
    $134,576
  • Bharucha David
    Chief Medical Officer
    Sold
    Date
    15 December 2025
    Shares
    58,007
    Price
    $2.32
    Value
    $134,576

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.