Chardan Capital analyst Keay Nakae has reiterated their bullish stance on COYA stock, giving a Buy rating on March 13.
Keay Nakae’s rating is based on a comprehensive analysis of Coya Therapeutics, Inc.’s financial health and strategic developments. The company has significantly strengthened its cash reserves, ending the quarter with $32.6 million, compared to $5.9 million at the end of the previous year. This is largely due to successful capital raising efforts, including a private placement and a strategic agreement with Dr. Reddy’s Laboratories, which collectively bolstered the company’s funds by approximately $31.6 million. These financial maneuvers have extended the company’s operational runway into 2026, providing a solid foundation for sustained development. Additionally, a controlled cash burn rate during the quarter demonstrates prudent financial management.
Furthermore, Nakae’s optimism is fueled by the promising pipeline advancements of Coya Therapeutics. The company’s strategic refocusing on the development of COYA 302 for multiple neurodegenerative diseases, such as ALS, FTD, Alzheimer’s, and Parkinson’s, represents a valuable ‘Pipeline in a Product’ approach. COYA 302, which includes a novel combination therapy of COYA 301 with an immunomodulatory fusion protein, has shown encouraging proof-of-concept data. The innovative treatment aims to restore immune homeostasis and has potential for significant impact in the neurodegenerative disease space. With the anticipated filing of an IND in the first half of 2024 and positive biomarker data from studies, Coya Therapeutics stands well-positioned for future success, justifying Nakae’s Buy rating.
In another report released on March 13, BTIG also assigned a Buy rating to the stock with a $15.00 price target.
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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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