Coya Therapeutics: Clinical Momentum, Extended Cash Runway, and DCF-Derived Upside Support Reiterated Buy and $18 Target

Analyst Ram Selvaraju of H.C. Wainwright reiterated a Buy rating on Coya Therapeutics, Inc., retaining the price target of $18.00.

Ram Selvaraju has given his Buy rating due to a combination of factors tied to Coya Therapeutics’ clinical progress, funding visibility, and valuation upside. He highlights that Health Canada’s clearance of the COYA 302 ALSTARS Phase 2 trial in ALS enables clinical site activation in Canada, which should bolster enrollment alongside U.S. sites and support timely data generation. In addition, the recently triggered and received $4.2M milestone payment from partner Dr. Reddy’s Laboratories strengthens the company’s balance sheet and underpins his view that Coya is funded into the second half of 2027, comfortably beyond the expected readout of top-line ALSTARS data.
Selvaraju also underscores a rich near-term catalyst calendar, including forthcoming biomarker publications in ALS, new proteomics and clinical data from low-dose IL-2 programs in Alzheimer’s and frontotemporal dementia, preclinical results for COYA 303, and the planned IND filing for COYA 302 in frontotemporal dementia. From a valuation standpoint, his discounted cash flow analysis—incorporating conservative approval probabilities for COYA 302 in both ALS and Alzheimer’s, a 12% discount rate, and modest terminal growth—indicates an equity value of about $480M, or $18 per share, implying meaningful upside from current levels. While he notes substantial clinical, regulatory, commercial, and partnership risks, he judges the current share price to underestimate the potential of COYA 302 and the broader pipeline, thereby supporting his reiterated Buy recommendation and $18 twelve-month price target.