Voyager Therapeutics (VYGR) AI Stock Analysis

• Market Cap: $257.47M
• Dividend Yield: N/A
• Average Volume (3M): 555.04K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.26
• Revenue Growth: -80.88%
• EPS Growth: -388.61%
• Country: US
• Employees: 172
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.46
• Shares Outstanding: 59,599,377
• 10 Day Avg. Volume: 458,729
• 30 Day Avg. Volume: 555,037
• PEG Ratio: -0.02
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 5.71
• P/FCF Ratio: -1.71
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 5.66
• Enterprise Value/Gross Profit: 6.30
• Enterprise Value/Ebitda: -1.83
• 1Y Price Target: $14.67
• Price Target Upside: 239.58% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -1.6
• Revenue Forecast (FY): $61.03M

• Rating: 48 Neutral
• Price Target: $4.50 ▲(4.17% Upside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is held down primarily by deteriorating profitability and sharply worsening cash burn since 2023, which raises funding and durability concerns despite modest leverage. Technicals are supportive with the stock trading above major moving averages, but overbought readings increase near-term downside risk. Valuation is constrained by losses (negative P/E), while corporate events are mixed with leadership turnover offset by a constructive 2026 pipeline roadmap.

Positive Factors

AAV capsid CNS delivery platform

Voyager's specialized AAV capsid and CNS delivery expertise represents a durable technical moat for brain-targeted gene therapies. That platform can be reused across multiple programs and partnered deals, supporting long-term program breadth, licensing value and strategic differentiation in CNS gene delivery.

Collaboration and licensing revenue model

A partnership-driven commercial model provides recurring, non-product-dependent funding opportunities via upfronts, R&D reimbursement, milestones and future royalties. Structurally this reduces reliance on commercial infrastructure and creates discrete financing events that can fund development over multiple years.

Manageable leverage and debt profile

Relatively low debt and an improved debt-to-equity profile give Voyager financial flexibility versus highly leveraged peers. This structural balance-sheet strength lowers immediate insolvency risk and supports the ability to raise or allocate capital for R&D, partnerships, or milestone-driven activities.

Negative Factors

Worsening cash burn and free cash flow

The marked shift to persistent and growing cash burn is a durable funding risk: it shortens runway, increases the probability of dilutive financing or constrained R&D spend, and makes execution on multi-year clinical programs dependent on timely partner payments or additional capital raises.

Deteriorated profitability and volatile revenue

Large net losses and volatile revenue undermine internal funding capacity and strategic predictability. Negative ROE and declining equity reduce financial optionality, increasing reliance on external funding and partner milestones to sustain operations and advance clinical programs over the next several quarters.

Clinical leadership transition risk

Loss of the CMO and interim consolidation of medical duties at the CEO heightens execution risk during critical pre-IND, GLP toxicology and planned first-in-human timelines. This structural leadership gap could delay development milestones or strain oversight capacity for multiple CNS programs.

Voyager Therapeutics Business Overview & Revenue Model

Company Description

Voyager Therapeutics, Inc., a gene therapy company, focuses on the development of treatments and next-generation platform technologies. The company's lead clinical candidate is the VY-AADC, which is in open-label Phase 1 clinical trial for the treatment of Parkinson's disease. Its preclinical programs comprise VY-SOD102 for the treatment of amyotrophic lateral sclerosis; VY-HTT01 for Huntington's disease; VY-FXN01 for Friedreich's ataxia; and Tau program for the treatment of tauopathies, including Alzheimer's disease, progressive supranuclear palsy, and frontotemporal dementia, as well as for spinal muscular atrophy. The company has collaboration and license agreements with Neurocrine Biosciences, Inc., Pfizer Inc., and Novartis Pharma, A.G. for the research, development, and commercialization of adeno-associated virus gene therapy products. Voyager Therapeutics, Inc. was incorporated in 2013 and is headquartered in Cambridge, Massachusetts.

How the Company Makes Money

Voyager Therapeutics primarily generates revenue through collaborations and licensing arrangements rather than product sales (it does not have a widely marketed commercial product as of publicly available information). Under these partnerships, Voyager may earn (1) upfront payments at deal inception, (2) research and development reimbursement or services revenue when it performs agreed R&D activities for a partner, (3) milestone payments tied to development, regulatory, or commercial achievements of partnered programs, and (4) royalties on future net sales if a partner commercializes a product that uses Voyager’s technology (e.g., AAV capsids or other elements of its delivery platform). The company’s earnings can therefore be significantly influenced by the timing and success of partnered programs, achievement of contractual milestones, and the initiation or expansion of strategic partnerships.

Voyager Therapeutics Financial Statement Overview

Summary

Income statement and cash flow are the key drags: results swung from strong profitability in 2023 to large net losses in 2024–2025, and the company moved from positive free cash flow to sizable and worsening cash burn. The balance sheet is comparatively better (manageable leverage and improved debt-to-equity), but declining equity and negative ROE reduce flexibility if losses persist.

Income Statement

Results are highly volatile. After a strong profitable year in 2023 (healthy profit margin and positive operating earnings), performance deteriorated sharply in 2024 and 2025 with large net losses and deeply negative profitability, despite 2025 showing a rebound in revenue growth. The revenue base is also inconsistent (large drop from 2023 to 2024 and further to 2025), which raises questions around durability and recurring income.

Balance Sheet

Leverage looks manageable: debt remains relatively low versus equity in the most recent year, and the debt-to-equity profile improved meaningfully versus earlier periods. However, equity has declined from 2024 to 2025 and returns on equity turned materially negative in the last two years, reflecting the earnings losses and limiting balance-sheet flexibility if losses persist.

Cash Flow

Cash generation weakened significantly. The company swung from strong positive operating and free cash flow in 2023 to sizable cash burn in 2024 and an even larger outflow in 2025. While free cash flow has tracked net income reasonably closely (losses translating into cash burn), the magnitude of recent operating and free cash outflows is the key risk and suggests heavier funding needs if conditions don’t improve.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	40.37M	80.00M	250.01M	40.91M	37.41M
Gross Profit	36.31M	80.00M	157.84M	-14.86M	-36.37M
EBITDA	-127.78M	-78.56M	126.45M	-39.65M	-68.45M
Net Income	-119.72M	-65.00M	132.33M	-46.41M	-71.20M
Balance Sheet
Total Assets	252.28M	393.05M	351.28M	159.36M	193.85M
Cash, Cash Equivalents and Short-Term Investments	196.45M	266.68M	230.88M	118.85M	132.54M
Total Debt	36.50M	43.73M	20.29M	23.13M	44.18M
Total Liabilities	56.20M	93.29M	114.96M	100.34M	98.80M
Stockholders Equity	196.08M	299.76M	236.32M	59.02M	95.06M
Cash Flow
Free Cash Flow	-135.06M	-18.83M	74.66M	-15.00M	-55.13M
Operating Cash Flow	-132.47M	-15.31M	77.92M	-12.51M	-53.52M
Investing Cash Flow	125.45M	-94.86M	-141.64M	-7.34M	65.91M
Financing Cash Flow	816.00K	114.02M	33.65M	1.11M	612.00K

Voyager Therapeutics Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.32
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VYGR, the sentiment is Positive. The current price of 4.32 is above the 20-day moving average (MA) of 4.06, above the 50-day MA of 3.94, and above the 200-day MA of 3.91, indicating a bullish trend. The MACD of 0.21 indicates Negative momentum. The RSI at 54.29 is Neutral, neither overbought nor oversold. The STOCH value of 45.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for VYGR.

Voyager Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KYTX	54 Neutral	$519.31M	-1.77	-77.88%	―	―	-21.22%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TNYA	50 Neutral	$185.99M	-1.20	-85.20%	―	―	46.68%
RNAC	49 Neutral	$194.31M	-1.44	279.62%	―	―	―
VYGR	48 Neutral	$257.47M	-1.93	-48.94%	―	-80.88%	-388.61%
GALT	46 Neutral	$205.04M	-8.32	―	―	―	18.82%
SLN	46 Neutral	$347.17M	-3.24	―	―	―	―

Voyager Therapeutics Corporate Events

Voyager Therapeutics Announces Chief Medical Officer Resignation

On February 9, 2026, Voyager Therapeutics, Inc. disclosed that Chief Medical Officer Toby Ferguson, M.D., Ph.D. had tendered his resignation from the company and all subsidiary roles, effective February 20, 2026, to pursue a new opportunity. The company stated that his departure was not due to any disagreement with Voyager, and President and Chief Executive Officer Alfred W. Sandrock, Jr., M.D., Ph.D. will assume key medical and strategic responsibilities for the clinical development portfolio on an interim basis, signaling a leadership transition but continuity in oversight of ongoing programs.

The move places additional operational and strategic duties on Sandrock as Voyager advances its pipeline, underscoring the importance of maintaining momentum in clinical development during the executive transition. While the company framed the change as amicable, stakeholders will be watching how the interim redistribution of responsibilities affects the execution and timing of Voyager’s development initiatives.

The most recent analyst rating on (VYGR) stock is a Buy with a $25.00 price target. To see the full list of analyst forecasts on Voyager Therapeutics stock, see the VYGR Stock Forecast page.

Voyager Therapeutics Highlights 2026 CNS Pipeline and Strategy

Voyager Therapeutics has posted a new corporate investor presentation on its website and circulated a summary letter to select shareholders, outlining a 2026 investment case built around validating brain-targeted capsids in humans, a “transformative” year for its tau-focused Alzheimer’s programs, and demonstrating the value of its Voyager NeuroShuttle platform. The materials highlight a multi-modality CNS pipeline with two key Alzheimer’s candidates—VY7523, an anti-tau antibody, and VY1706, a tau-silencing gene therapy—alongside partnered gene therapies for Friedreich’s ataxia, Gaucher’s and Parkinson’s disease and a small-molecule program for ALS/FTD, and detail plans to complete GLP toxicology, file an IND, and begin first-in-human dosing of VY1706 in the second half of 2026 after encouraging non-human primate data on tau knockdown and liver de-targeting. The company emphasizes the potential for third-party clinical readouts, notably Biogen’s BIIB080 Phase 2 data expected mid-2026, to validate the tau knockdown approach, and underscores that its forward-looking development timelines, partnership economics and cash sufficiency remain subject to scientific, regulatory, competitive and collaboration risks disclosed in its SEC filings.

The most recent analyst rating on (VYGR) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on Voyager Therapeutics stock, see the VYGR Stock Forecast page.