Voyager Therapeutics (VYGR) AI Stock Analysis

• Market Cap: $224.09M
• 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: 0.88
• Enterprise Value/Revenue: 4.86
• Enterprise Value/Gross Profit: 5.40
• Enterprise Value/Ebitda: -1.57
• 1Y Price Target: $14.67
• Price Target Upside: 274.23% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -1.82
• Revenue Forecast (FY): $54.59M

• Rating: 47 Neutral
• Price Target: $4.00 ▲(2.04% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held down primarily by weakened financial performance (large recent losses and rising cash burn) and a loss-making valuation profile (negative P/E). Technical indicators are broadly neutral with only modest positive momentum, while corporate events are mixed, balancing leadership-transition risk with upbeat pipeline progress messaging.

Positive Factors

CNS-targeted AAV platform

Voyager’s proprietary focus on AAV capsids and CNS delivery is a durable technical moat in neurological gene therapy. Specialized capsids and delivery know-how improve brain targeting probability, attract collaborators, and increase long-term program optionality versus generalist gene therapy players.

Partnership and licensing revenue model

Relying on collaboration/licensing revenues provides diversified, non-product cash channels that can supply upfronts, reimbursements and milestone funding. Structurally this reduces dependence on internal commercialization and aligns cash inflows with partner-driven development milestones over the medium term.

Near-term pipeline advancement (2026 milestones)

Concrete 2026 clinical and regulatory steps (GLP tox, IND, first-in-human dosing) represent structural de-risking: human validation of CNS capsids and tau-silencing could materially increase platform value, attract partners, and create sustained licensing or development opportunities if outcomes are positive.

Negative Factors

Accelerating cash burn

Cash generation deterioration is a structural risk: multi-year swings from positive FCF to deep operating outflows increase likelihood of external financing, dilution or partnership concessions. Sustained burn pressures R&D pacing and constrains strategic optionality absent milestone inflows or financing.

Highly volatile financial performance

Large swings from profitability to deep losses and inconsistent revenue undermine predictability and long-term planning. Volatility complicates resource allocation for multi-year clinical programs and increases dependence on lump-sum partner payments or dilutive financings to sustain development timelines.

Executive transition / CMO resignation

Loss of the CMO and interim consolidation of medical duties under the CEO raises durable execution risk for clinical programs. Shifting responsibilities can delay trial decisions, strain management bandwidth, and heighten single-person dependency during critical regulatory and clinical milestones.

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

Financials are pressured by a sharp shift from a strong 2023 to large net losses and deeply negative profitability in 2024–2025, alongside inconsistent revenue and accelerating cash burn. The balance sheet leverage is relatively manageable, but declining equity and persistent losses reduce flexibility if cash outflows continue.

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: Negative
• Last Price: 3.92
• 50DMA: Negative
• 100DMA: Negative
• 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 Negative. The current price of 3.92 is below the 20-day moving average (MA) of 4.09, below the 50-day MA of 3.94, and above the 200-day MA of 3.91, indicating a neutral trend. The MACD of 0.16 indicates Negative momentum. The RSI at 46.06 is Neutral, neither overbought nor oversold. The STOCH value of 27.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	$487.89M	-1.77	-77.88%	―	―	-21.22%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
TNYA	50 Neutral	$178.48M	-1.20	-85.20%	―	―	46.68%
RNAC	49 Neutral	$176.29M	-1.44	279.62%	―	―	―
VYGR	47 Neutral	$224.09M	-1.93	-48.94%	―	-80.88%	-388.61%
GALT	46 Neutral	$181.51M	-8.32	32.59%	―	―	18.82%
SLN	46 Neutral	$313.16M	-6.10	―	―	―	―

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.