H.C. Wainwright reiterated a buy recommendation and raised its price target for Coya Therapeutics to $18 from prior levels, citing progress in the company’s clinical pipeline and balance sheet strength.
The biotechnology firm, which trades on the NASDAQ under the ticker COYA, currently holds more cash than debt, according to data from InvestingPro. Shares were last quoted around $4.87, well below the new target.
Coya’s lead program, COYA 302, is evaluating the company’s investigational therapy in a Phase 2 ALS study. The first cohort of patients has progressed into a 24-week active-blind treatment extension phase, with full enrollment expected to conclude in the second half of 2026. Preliminary data from the trial is scheduled for release in 2027, and positive results could enable entry into pivotal development for ALS by late 2027.
The company also plans to initiate a Phase 2a study in frontotemporal dementia in the coming months, with the potential for a Phase 2b/3 program to begin by late 2027 or early 2028, depending on outcomes. Additional single-cell proteomics data from investigator-led trials in ALS and Alzheimer’s disease are expected in the second half of 2026, alongside in vivo data from an inflammatory animal model of peripheral and central nervous system inflammation.
Separately, Roth/MKM initiated coverage of Coya Therapeutics with a buy rating and a $12 price target, based on Phase 1 data from four ALS patients. The firm anticipates conditional approval for COYA 302 in the first half of 2028, subject to positive Phase 2 results, followed by a potential U.S. launch in the second half of 2028.
