Multiple analysts and experts have been talking about Houston-based clinical-stage, therapeutic biopharma company Coya Therapeutics Inc. (COYA:NASDAQ) in 2026. The company is focused on developing treatments for Amyotrophic Lateral Sclerosis (ALS), Alzheimer's, and other dementia-related diseases.
Boobalan Pachaiyappan, Ph.D., of Roth initiated coverage of Coya on June 5, 2026, giving a "Buy" rating and a 12-month price target of US$12, writing: "Our bullish view is predicated upon COYA 302's positive Ph1 data involving Amyotrophic Lateral Sclerosis (ALS) patients. Assuming the ongoing Ph2 study readout is positive, we expect COYA 302's conditional approval in 1H28 (U.S. launch: 2H28). Our models assume COYA 302 achieving a peak risk-unadjusted WW revenue of ~US$2.2B in 2040. Per COYA, current cash (1Q26-end: ~US$51M) is expected to fund operations into 2H27."
Hopes are that Coya could provide a breakthrough medication, as Pachaiyappan noted that ". . . Despite four FDA-approved therapies (Riluzole, Edaravone, Tofersen, and Nuedexta), treatment impact on disability and survival remains modest."
Key Takeaways
- Analysts like Coya Therapeutics (COYA) stock: Multiple Wall Street firms rate it a "Buy", with price targets between US$12 and US$18.
- Big test results are coming in early 2027: If Coya's trial goes well, its drug could get approved as soon as 2028.
- More money is flowing into biotech deals: Even though R&D spending dipped in 2025, biotech dealmaking jumped.
- Major investors already back Coya: Backers include Greenlight Capital and Dr. Reddy's Laboratories, and some think Coya could get bought out in the medium-term.
- 2026 is a big year for Coya: The company is finishing patient enrollment, starting a new dementia study, and sharing new data — all leading up to big 2027 results.
Pharma R&D Spending Falls as Biotech Deals Surge
ALS is a genetic disease causing skeletal muscles to progressively weaken and is fatal and incurable. In 2026, the U.S. government approved US$90 million for research into treatments and access to care for patients with ALS. While this is great news for patients, the pharma sector as a whole has slowed down on R&D (Research & Development) spending.
In February 2026, Iqvia discussed the global pharma market projection for 2026, noting that total drug usage is expected to surpass four trillion doses daily by 2030. They wrote, "The largest drivers of medicine spending growth through the next five years will continue to be the use in developed markets of innovative therapeutics, especially in oncology, immunology, diabetes, and obesity."
Pharma sector funding fell between 2024 and 2025, according to a March 26, 2026, article for Fierce Biotech by Nick Paul Taylor. He wrote that pharma funding had fallen from 2024 but noted that, "2025 was still the third-best year of the past decade. Similarly, overall funding was well above the pre-pandemic norm and only topped by 2020, 2021, and 2024."
At the same time, J. Edward Moreno of Sherwood News reported contradictory news on January 14, 2026, writing that, "In 2025, announced global biotech deals totaled US$228.4 billion, up from US$132.3 billion in 2024, data from Dealogic shows . . . Just two weeks into 2026, US$9.2 billion in deals have been announced."
According to Moreno, movement is expected in the sector: "As some of the most lucrative drugs lose exclusivity in the next few years, pharmaceutical giants are increasingly shopping around for biotechs to add to their portfolios — and they are more than happy to pay a hefty premium for the right company . . . For some Big Pharma companies, business development spending is now about equal to, or more than, research and development."
This statement could explain the emerging drop in research and development spending at biotech and pharma companies. On March 25, 2026, BioSpace's Annalee Armstrong reported that, "R&D spending at the top 16 pharmaceutical companies declined by 3.6% overall in 2025, as many aggressively cut spending and refocused pipelines."
BCG talked about trends biopharma companies need to be aware of in 2026 in order to stay competitive, saying, "Near term, companies need to continue to innovate to decrease the complexity and cost of these therapies, and governments can find ways to incentivize and pay for them. The longer-term challenge for companies is to factor operational and economic considerations into R&D decision making earlier, ensuring that trial designs match real-world usage, indication sequences match opportunity, and endpoints enable market access."
Experts Backing Coya Therapeutics in 2026
Jason Kolbert of D. Boral Capital issued a "Buy" rating for Coya, with a US$15.00 price target on May 12, 2026. On May 18, 2026, Ilya Zubkov of Freedom Broker reiterated a "Buy" rating for the company, with a price target of US$15.50. Lastly, in May, Chad Messer, Ph.D., and Senior Research Analyst at Lake Street Capital Markets, gave the company a "Buy" rating, with a price target of US$17.00.
On June 8, 2026, Patrick Trucchio of H.C. Wainwright & Co. reiterated a "Buy" rating, with a US$18.00 price target. Trucchio looked forward to much of the same catalysts as Pachaiyappan but also noted the upcoming Phase 2 trial of Coya 302 in treating Frontotemporal Dementia.
Also in June, Keay Nakae of Chardan Capital reiterated a "Buy" rating for Coya, with a price target of US$14.00 on June 12, 2026, according to Marketbeat.
Most recently, on July 13, 2026, Chen Lin of What is Chen Buying? What is Chen Selling? discussed his next steps with Coya, writing: "The red-hot biotech is finally having some pullback. I am finally pulling the trigger to buy the stock that I have been following for a while, COYA. You don't need to rush to buy COYA; its key data readout is set for Q1 2027, according to the management. However, as we know, there are always delays in clinical trials. I am happy if they can have the data in Q1, fine for Q2. Let's look at the history of COYA since the IPO in early 2023:
- January 2023, IPO US$15.25million @ US$5, plus half warrant@ US$7.5 (already expired)
- December 2023, US$26.5 million @ US$6.06
- May 2024, Alzheimer's foundation US$5 million @ US$8.29
- October 2024, US$10 million @ US$7.25
- October 2025, US$23 million @ US$5.5
- January 2026, US$11.1 million @ US$4.4."
Lin went on to argue: "You can see at low 5s, you are ahead of most of the investors who have put money in the company since IPO. The company is using the fund to make great progress, but was not recognized by the market; that's why I love this stock. The key investors include Greenlight Capital by David Einhorn and Reddy Lab. ALS has a huge market, and if the current Phase 2 is positive, they will likely file for accelerated approval and get bought out by Reddy Lab. The upside is at least US$50/share, I believe."
Lin finished by saying, "Basically, COYA will be my next big biotech trade for 2027. My plan is to load it up in 2026 using the market volatility. We have six months left in 2026, so no rush here. Any price at US$5-6 or below is a good price, I believe, and I want to follow the stock closely for the key data readout in 2027 — hopefully Q1 2027, as the management promised."
Company Hopeful for Conditional FDA Approval by 2028
Coya has a busy 2H 2026 planned. The company expects to initiate a Phase 2a study of COYA 302 as a potential treatment for FTD, as well as target full enrollment of the ALSTARS Phase 2 trial using COYA 302.
Ideally, the company hopes to report additional single-cell proteomics data from completed ALS and Alzheimer's investigator-initiated trials. A potential publication of COYA 303 in vivo data in an inflammatory animal model may be released in 2H 2026, and the company aims for a guided topline readout for the ALSTARS Phase 2 trial in Q1 2027.
Finally, investors are watching for a potential FDA approval and launch of COYA 302 in 2028.
Ownership & Share Information1
Coya Therapeutics Inc. has a market cap of US$113.88 million, with 23.46 million shares outstanding. The company's 52-week range is US$3.71-US$7.75. Management & Insiders own 1% of shares, while Strategic Investors own 13.69%. Institutions own 35.36% of shares, and the remaining 49.95% of shares are held by Retail.
Streetwise Ownership Overview*
Coya Therapeutics Inc. (COYA:NASDAQ)
Frequently Asked Questions
Q: What is a clinical-stage biotech company?
A: A clinical-stage biotech company is a business that develops new medicines that are still being tested in people. Before a drug can be sold, it must go through several stages of clinical trials to prove it is safe and effective.
Q: What is a "Phase 2 clinical trial"?
A: A Phase 2 trial is the stage where researchers test whether a new treatment actually works in patients while continuing to monitor its safety. Positive Phase 2 results are an important milestone before a drug can move toward larger studies or regulatory approval.
Q: Why do analysts give companies price targets?
A: A price target is an analyst's estimate of what a company's stock could be worth over a certain period, often 12 months. These targets are opinions based on the company's products, financial position, and future growth potential—they are not guarantees that the stock will reach that price.
Q: Why are larger pharmaceutical companies interested in smaller biotech firms?
A: Developing new drugs takes years and can be expensive. Instead of creating every medicine themselves, large pharmaceutical companies often partner with or acquire smaller biotech companies that have promising treatments already in development, helping bring new therapies to patients more quickly.
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Important Disclosures:
- Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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1. Ownership and Share Structure Information
The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.
