Voyager Therapeutics selloff on UCB news ‘excessive,’ says Leerink

Leerink says UCB’s (UCBJF) announcement that Roche (RHHBY) terminated collaboration on its Alzheimer’s disease asset is bringing negative sentiment on Voyager Therapeutics (VYGR)’ lead tau-antibody VY7523. Roche returning the rights could hint at underwhelming data, not warranting continued development from the company’s perspective, the analyst tells investors in a research note. The firm believes this announcement “adds to nervousness” on the clinical relevance of tau-targeted antibodies in Alzheimer’s. In a discussion, Voyager management noted that UCB’s description of the data as “encouraging” could indicate a mixed outcome, Leerink points out. The firm is not surprised the announcement negatively impacted Voyager, but sees the stock selloff “as excessive.” The return of rights could reflect a strategic decision from Roche rather than a reflection of the quality of the data, Leerink contends. It reiterates an Outperform rating on Voyager Therapeutics, which closed Tuesday down 19% to $6.19.