diff --git a/compiler/src/dotty/tools/dotc/core/SymDenotations.scala b/compiler/src/dotty/tools/dotc/core/SymDenotations.scala
index 50b940ec9211..68131320e302 100644
--- a/compiler/src/dotty/tools/dotc/core/SymDenotations.scala
+++ b/compiler/src/dotty/tools/dotc/core/SymDenotations.scala
@@ -522,7 +522,9 @@ object SymDenotations {
         case Some(ann) =>
           ann.arguments match {
             case Literal(Constant(str: String)) :: Nil =>
-              if (isType) str.toTypeName else str.toTermName
+              if isTerm then str.toTermName
+              else if is(Module) then str.toTypeName.moduleClassName
+              else str.toTypeName
             case _ => name
           }
         case _ => name
diff --git a/tests/run/i7723.scala b/tests/run/i7723.scala
new file mode 100644
index 000000000000..53303b029597
--- /dev/null
+++ b/tests/run/i7723.scala
@@ -0,0 +1,9 @@
+object Test with
+  @scala.annotation.alpha("A")
+  class B(val i: Int = 1)
+
+  def main(args: Array[String]): Unit =
+    assert(B().i == 1)
+
+@scala.annotation.alpha("AA")
+  class BB(val i: Int = 1)