Analyst Keay Nakae of Chardan Capital reiterated a Buy rating on Coya Therapeutics, Inc. (COYA – Research Report), with a price target of $11.00.
Keay Nakae’s Buy rating on Coya Therapeutics, Inc. is based on a few key factors. Firstly, the company reported a robust 3Q23 financial position, with an increase in its cash reserves from $5.9 mm at the end of 2022 to $10.9 mm at the end of the quarter. Furthermore, the company’s guidance shows its cash position is expected to fund its operations until 2Q24.
Another contributing factor is Coya Therapeutics’ progress in its research and development activities. The company is expected to file an Investigational New Drug (IND) application for COYA 302 in the first half of 2024, which aims to address and enhance the effects of low-dose IL-2 by selectively inhibiting the activation of pro-inflammatory effector T cells and macrophages. Furthermore, Coya recently presented promising in vitro data supporting COYA 302’s mechanism of action in ALS patients. The company also completed enrollment in a phase II trial for Alzheimer’s Disease, with results expected in summer 2024. Lastly, Nakae also considers the company’s strategic positioning of COYA 301 as a base that can be combined with other compounds to enhance their immunotherapeutic effect.
According to TipRanks, Nakae is an analyst with an average return of -5.2% and a 34.29% success rate. Nakae covers the Healthcare sector, focusing on stocks such as Alnylam Pharma, Coya Therapeutics, Inc., and Arbutus Biopharma.
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Coya Therapeutics, Inc. (COYA) Company Description:
Coya Therapeutics Inc is a clinical-stage biotechnology company focused on developing proprietary medicinal products to modulate the function of regulatory T cells. It is developing its multi-modality Treg therapies for neurodegenerative, autoimmune, and metabolic diseases.
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