H.C. Wainwright has reiterated its Buy recommendation on Coya Therapeutics and kept an $18.00 price target on the stock following a recent private placement, the firm said. At the current share price of $4.65, the $18 objective corresponds to an implied upside near 287% and sits well above the stock’s 52-week high of $8.29 and the consensus low target of $14.
Financing details disclosed by the company show that on January 29, 2026 Coya entered into a securities purchase agreement with certain accredited investors to issue and sell 2,522,727 shares of common stock at $4.40 per share. The transaction generated approximately $11.1 million in gross proceeds before expenses.
Institutional participation in the placement included a $10 million purchase by Dr. Reddy’s Laboratories and a $1.1 million investment from existing shareholder Greenlight Capital. The offering was reported to have closed on or about January 30, 2026, and the transaction was subject to customary closing conditions.
Coya says it plans to deploy the net proceeds to transfer low-dose IL-2 to an appropriate manufacturing facility, scale up manufacturing capabilities, and speed manufacturing programs that support the commercial readiness of COYA 302. Management’s use of proceeds centers on preparing the therapy and related production capacity for potential market supply.
The company is currently valued at $97.3 million and is scheduled to report results on or around March 24, 2026, when the next earnings announcement is expected to be released.
H.C. Wainwright characterized the financing as extending Coya’s operational runway into late 2027 and called it a "judicious financing that serves to underscore the commitment of existing investors and strategic partners to Coya." The broker also noted balance sheet characteristics cited by InvestingPro, observing that Coya carries more cash than debt, though the company remains unprofitable with a diluted EPS of -$1.11 over the last twelve months.
On the clinical front, Coya is advancing multiple programs. The ALSTARS Phase 2 study for amyotrophic lateral sclerosis, or ALS, is actively enrolling patients, with full enrollment expected by the second half of 2026. The company also plans to initiate a Phase 2a study for frontotemporal dementia, known as FTD, in 2026 pending FDA clearance.
The analyst note ties the reiterated Buy rating and unchanged $18 target to these regulatory and clinical developments, and to the commencement of dosing in the ALS trial. The update also references a separate financing event in which Coya completed an equity raise of $23 million in gross proceeds, netting approximately $21.4 million after underwriting discounts and commissions.
Investors will likely focus on several near-term milestones: the company’s upcoming earnings release expected March 24, 2026, enrollment progress in ALSTARS through the second half of 2026, and any regulatory movement related to the planned Phase 2a FTD trial. The firm’s stated plan to move low-dose IL-2 into manufacturing and to scale capacity for COYA 302 will also be watched closely for timing and cost implications.
While H.C. Wainwright’s reiterated Buy call and lofty price target reflect optimism about Coya’s prospects and the commitment of strategic partners, the company’s unprofitable status and reliance on successful clinical and regulatory outcomes remain central considerations for market participants.