Milestone MDs Bulk‑Buy Shares After FDA Nod, Signal Confidence Ahead of CARDAMYST Rollout

Insider Buying Amid FDA Approval: What Milestone Investors Should Know

Milestone Pharmaceuticals Inc. has just crossed a significant milestone—its first FDA‑approved product, CARDAMYST, a nasal spray for paroxysmal supraventricular tachycardia. In the wake of the approval, Chief Medical Officer David Bharucha purchased 100,000 common shares on December 12, 2025, at a price of $1.94 per share. The transaction reflects a strong conviction that the company’s commercial momentum will translate into sustainable earnings growth. Investors should view this purchase as a positive signal, especially given the company’s recent transition from a clinical-stage developer to a revenue‑generating entity.

Inside the Current Trade and the Company‑Wide Pulse

Bharucha’s buy comes after a series of performance‑stock‑unit (PSU) awards tied directly to the CARDAMYST approval. The PSUs, which vested on December 12, 2025, were converted into 100,000 shares, boosting his post‑trade ownership to 163,333 shares. While he subsequently sold 58,007 shares on December 15 to cover tax liabilities, the net effect is a net purchase of 42,000 shares. The same day, the other senior executives—CEO Oliveto, COO Nelson, CFO Hasija, and CCO Muller—each executed buy‑sell cycles that mirror Bharucha’s pattern, buying large blocks of shares and selling portions to satisfy tax obligations. This coordinated activity suggests a broader belief in the company’s future prospects among its top leadership.

Implications for Investors and Milestone’s Future

The insider activity coincides with a 52‑week high of $3.06, but the stock has recently slipped 3.48% weekly and 4.90% monthly, reflecting lingering volatility. The negative price‑earnings ratio of –2.49 indicates that the company is still operating at a loss, yet the FDA approval injects new revenue streams that could shift the company into profitability. Investors should monitor cash burn, the timeline for commercial rollout, and the scalability of the CARDAMYST supply chain. A steady increase in insider holdings, especially among the executive team, typically signals confidence in the company’s strategic direction and can help stabilize share price volatility.

Profile of David Bharucha: A Track Record of Confidence

Dr. Bharucha has a history of accumulating equity in Milestone. His July 11, 2025 filing shows a purchase of 53,333 shares, along with 53,333 Series A and 53,333 Series B warrants, bringing his post‑transaction holding to 63,333 shares. The December 12 purchase of 100,000 shares—combined with the 100,000 share worth of options—underscores a willingness to invest heavily in the company’s growth. Bharucha’s pattern of buying large blocks of shares and then selling a portion for tax purposes is common among senior executives, but the net increase in holdings is a clear indicator of long‑term commitment. His background as Chief Medical Officer and his involvement in the development of CARDAMYST give him unique insight into the product’s potential, further bolstering investor confidence.

What Investors Should Watch Going Forward

1. Revenue Traction – Monitor quarterly sales of CARDAMYST and the speed of market penetration.
2. Cash Flow – Track capital expenditures and cash burn to assess how long the current funding runway will last.
3. Insider Activity – Pay attention to any future buys or sells by the executive team; a continued buying trend can reinforce positive sentiment.
4. Market Sentiment – The current buzz score of 143% and a negative sentiment of –24 suggest that retail chatter is high but cautious.
5. Competitive Landscape – Keep an eye on competitors entering the same niche; Milestone’s pricing strategy will be critical to maintain market share.

In summary, Bharucha’s recent purchase, coupled with the company’s FDA approval and a broader pattern of insider buying, points to a cautiously optimistic outlook. Investors who are comfortable with the current valuation and the company’s risk profile may view this as an opportune moment to add or hold positions while staying vigilant for any changes in the commercial or financial trajectory of Milestone Pharmaceuticals.