Shares of Coya Therapeutics Inc (NASDAQ:COYA) are trading higher Monday morning after the company provided an update regarding the development of a new treatment for Amyotrophic Lateral Sclerosis (ALS).
What To Know: The Houston-based clinical-stage biotechnology company is trending across social media platforms after revealing that the U.S. Food and Drug Administration (FDA) has accepted its Investigational New Drug (IND) application for COYA 302.
This regulatory milestone allows Coya to proceed with a Phase 2 multicenter, double-blind, placebo-controlled clinical study to evaluate the efficacy and safety of COYA 302 in patients with ALS, a progressive neurodegenerative disease also known as Lou Gehrig’s disease. The acceptance also triggered a $4.2 million milestone payment to Coya from its partner, Dr. Reddy’s Laboratories.
Arun Swaminathan, Coya’s Chief Executive Officer, called the FDA’s acceptance a “pivotal moment” for the company. The partnership with Dr. Reddy’s is a key element of Coya’s strategy, with Milan Kalawadia, CEO of North America at Dr. Reddy’s, stating that the milestone “further reinforces the strong scientific and strategic rationale behind our partnership.”
Price Action: According to data from Benzinga Pro, COYA shares are roughly flat at $6.92 Monday morning. The stock has a 52-week high of $10.24 and a 52-week low of $4.65.
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How To Buy COYA Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in Coya Therapeutics (NASDAQ:COYA)'s case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
