Ram Selvaraju, an analyst from H.C. Wainwright, reiterated the Buy rating on Alpha Cognition Inc. The associated price target remains the same with $18.00.
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Ram Selvaraju has given his Buy rating due to a combination of factors that, in his view, support a favorable risk‑reward profile for Alpha Cognition Inc. He expects a significant ramp-up in ZUNVEYL sales from 2025 into 2026, driven by broader market penetration beyond long-term care facilities and an expanding commercial footprint. While he has slightly trimmed the 2026 sales forecast, he still projects strong growth and believes the company’s anticipated cash position at the end of 2025 should be sufficient to carry operations through to profitability. In addition, he sees near‑term potential for further group purchasing organization contracts, which could strengthen market access and revenue visibility.
Selvaraju’s discounted cash flow analysis, based on U.S.-only peak sales potential above $500 million for ZUNVEYL, yields an enterprise value far above the company’s current sub-$70 million valuation, supporting his $18 per share 12‑month price target. He considers the stock materially undervalued relative to this intrinsic value estimate, even after modest forecast revisions. Although he acknowledges risks related to launch execution, pricing and reimbursement dynamics, competitive pressures, clinical development, and possible dilution, he believes these are more than compensated by the upside implied in his valuation. As a result, he reiterates a Buy recommendation on Alpha Cognition shares.