9. Milestone Pharmaceuticals (NASDAQ:MIST)
Milestone Pharmaceuticals takes the No. 9 spot because it brings something different to the table. It is not the classic cancer biotech story that many penny-stock traders immediately chase. Instead, MIST is a biopharma penny stock with a real commercial launch angle, and that makes it worth watching this June. Trading around $1.42 with a market capitalization near $177 million, the stock sits comfortably in the category of low-priced NASDAQ healthcare stocks that still have enough corporate substance to be more than just a speculative chart pattern.
The main reason MIST makes this list is CARDAMYST. The product is now commercially available, which matters because the company is no longer only selling a future possibility. It has moved into the real-world execution phase, where prescriptions, coverage, physician awareness, reimbursement, and patient access become the new battleground. In biotechnology and specialty pharma, that shift is important. A company can have FDA-related success and still fail commercially if doctors do not prescribe the product or if payers do not support it. That is why Milestone’s launch story is both a positive and a test.
Another important detail is its Express Scripts formulary coverage. For investors scanning the best biotech penny stocks for June, formulary coverage is not a flashy headline like “breakthrough cancer data,” but it can be highly important. In the healthcare market, coverage can help determine whether a drug has a realistic chance of gaining traction. If patients cannot access or afford a therapy, the commercial story can struggle no matter how promising the product looks on paper. That is why this coverage point gives MIST a more serious profile than many ordinary penny stocks.
The company also reported about $184.2 million in cash, with runway expected into the second half of 2027. That is a meaningful cushion for a small-cap biopharma stock. In the biotech penny stock universe, cash runway is not just a balance sheet metric. It is survival. Many small biotechnology companies are forced to raise money at bad times, hurting shareholders through dilution. A company with enough cash to support execution has more room to prove its story.
The risk, however, is also very direct. Q1 revenue was still tiny, which means investors will be watching prescription traction closely. MIST may have a real launch, cash, and coverage, but the market will eventually demand proof that CARDAMYST can generate meaningful sales. That is why it ranks above the most speculative names, but still below the stronger commercial and clinical-stage stories. It has a real setup, but June investors should focus on whether the launch is gaining speed or simply staying quiet.
Click next to see the following stock...
