Voyager Therapeutics (VYGR) AI Stock Analysis

• Market Cap: $219.06M
• Dividend Yield: N/A
• Average Volume (3M): 495.78K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: -80.88%
• EPS Growth: -388.61%
• Country: US
• Employees: 172
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.47
• Shares Outstanding: 55,600,082
• 10 Day Avg. Volume: 710,951
• 30 Day Avg. Volume: 495,777
• PEG Ratio: 0.04
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 4.09
• P/FCF Ratio: -17.36
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 6.85
• Enterprise Value/Gross Profit: 6.85
• Enterprise Value/Ebitda: -1.61
• 1Y Price Target: $13.20
• Price Target Upside: 232.49% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $4.00 ▲(0.76% Upside)

The score is primarily constrained by weak financial performance, driven by declining revenue, persistent losses, and negative operating/free cash flow. Technical signals are neutral-to-soft, offering limited support, while valuation is pressured by negative earnings and no dividend yield data.

Positive Factors

Proprietary AAV capsid and CNS delivery platform

Voyager's focus on proprietary AAV capsids and CNS delivery is a durable technical moat for neurologic gene therapies. Effective, brain-targeted delivery underpins the value of multiple programs, supports partner interest, and can enable differentiated clinical efficacy if translation to humans is successful.

Partnership-driven, non-commercial revenue model

A collaboration and licensing model lets Voyager monetize its platform without commercial infrastructure, conserving capital and accelerating program breadth. Upfronts and milestones can fund R&D, diversify development risk across partners, and create multiple potential future revenue streams tied to partner success.

Manageable leverage on balance sheet

Relatively low leverage provides financial flexibility for a clinical-stage biotech that will rely on milestone and capital markets funding. Manageable debt reduces near-term refinancing risk and supports the ability to pursue GLP, IND and early clinical activities without immediate debt-service constraints.

Negative Factors

Declining revenue and negative cash flow

Sustained negative operating and free cash flow, combined with falling revenue, create recurring funding needs and constrain organic investment. Over 2-6 months, this heightens dilution risk, increases reliance on partner milestones or capital raises, and reduces runway for clinical development absent external financing.

Persistent unprofitability and negative margins

Negative EBIT and net margins reflect structural loss-making for the foreseeable drug development timeline. This limits retained-earnings reinvestment, pressures the need for external capital, and may force prioritization of programs, slowing pipeline breadth or creating dependency on partner decisions.

Clinical and third-party validation risk for tau programs

Key pipeline catalysts hinge on GLP/IND completion and first-in-human dosing, plus external validation from other tau programs. These long lead-time clinical and regulatory steps carry high scientific and timing risk; unfavorable outcomes or delays materially impact partner economics and milestone-driven funding.

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 generates revenue primarily through partnerships and collaborations with larger pharmaceutical companies, which may include upfront payments, milestone payments tied to the achievement of specific development goals, and royalties on product sales. Additionally, the company may receive funding from grants or government programs aimed at advancing research in gene therapy. Their revenue model is heavily dependent on the successful progression of their clinical trials and the commercialization of their therapies, as well as maintaining strong relationships with industry partners to enhance their product pipeline and potential market reach.

Voyager Therapeutics Financial Statement Overview

Summary

Income statement and cash flow are weak (declining revenue, negative net/EBIT margins, negative operating and free cash flow), offset only partially by strong gross margin and manageable leverage. Balance sheet is comparatively better, but negative ROE reinforces ongoing profitability challenges.

Income Statement

Voyager Therapeutics shows a volatile revenue trend with a significant decline in the TTM period. The gross profit margin remains strong, but the company struggles with negative net profit margins and EBIT margins, indicating ongoing profitability challenges.

Balance Sheet

The balance sheet reflects a relatively low debt-to-equity ratio, suggesting manageable leverage. However, the negative return on equity in recent periods highlights profitability issues, despite a stable equity ratio.

Cash Flow

Cash flow analysis reveals negative operating cash flow and free cash flow in the TTM period, with a slight improvement in free cash flow growth. The ratios indicate that cash flow generation is not sufficient to cover net income, posing liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	31.32M	80.00M	250.01M	40.91M	37.41M	171.13M
Gross Profit	31.32M	80.00M	157.84M	-14.86M	-36.37M	62.38M
EBITDA	-133.40M	-78.56M	126.45M	-39.65M	-68.45M	31.20M
Net Income	-126.78M	-65.00M	132.33M	-46.41M	-71.20M	36.74M
Balance Sheet
Total Assets	288.31M	393.05M	351.28M	159.36M	193.85M	261.58M
Cash, Cash Equivalents and Short-Term Investments	208.93M	266.68M	230.88M	118.85M	132.54M	181.14M
Total Debt	38.37M	43.73M	20.29M	23.13M	44.18M	47.61M
Total Liabilities	68.49M	93.29M	114.96M	100.34M	98.80M	107.26M
Stockholders Equity	219.82M	299.76M	236.32M	59.02M	95.06M	154.32M
Cash Flow
Free Cash Flow	-118.86M	-18.83M	74.66M	-15.00M	-55.13M	-108.81M
Operating Cash Flow	-116.73M	-15.31M	77.92M	-12.51M	-53.52M	-96.72M
Investing Cash Flow	50.82M	-94.86M	-141.64M	-7.34M	65.91M	113.00M
Financing Cash Flow	1.25M	114.02M	33.65M	1.11M	612.00K	3.16M

Voyager Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 3.97
• 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 Neutral. The current price of 3.97 is above the 20-day moving average (MA) of 3.96, below the 50-day MA of 4.08, and above the 200-day MA of 3.80, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 48.54 is Neutral, neither overbought nor oversold. The STOCH value of 60.90 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VYGR.

Voyager Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KYTX	56 Neutral	$530.16M	-2.25	-70.82%	―	―	-21.22%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RNAC	51 Neutral	$192.43M	-0.14	―	―	―	―
SLN	47 Neutral	$241.37M	-3.00	―	―	―	―
VYGR	46 Neutral	$219.06M	-1.83	-46.09%	―	-80.88%	-388.61%
GALT	44 Neutral	$203.11M	-5.21	―	―	―	18.82%
TNYA	44 Neutral	$151.08M	-0.84	-96.44%	―	―	46.68%

Voyager Therapeutics Corporate Events

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.