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On Thursday, Canaccord Genuity maintained a Buy rating on Voyager Therapeutics (NASDAQ:VYGR) but reduced the stock’s price target from $14.00 to $12.00. The adjustment follows the company’s fourth-quarter 2024 results and the recent announcement regarding its VY9323 gene therapy program for amyotrophic lateral sclerosis (ALS). According to InvestingPro data, the stock appears undervalued, with analyst targets ranging from $9 to $30, suggesting significant upside potential despite recent challenges.
Voyager Therapeutics disclosed its decision to explore alternative payloads for the VY9323 program, which led Canaccord Genuity to revise its discounted cash flow (DCF) based price target. The firm’s analyst noted the program’s removal as the primary driver for the target price change. InvestingPro analysis shows the company maintains a strong financial position with more cash than debt and a healthy current ratio of 5.56, providing flexibility for program development.
The updated valuation model still factors in a profit split from the collaboration with Neurocrine Biosciences (NASDAQ:NBIX) on a GBA1 Parkinson’s disease program, assigning it a 20% probability of approval with a potential market launch projected in 2031. Additionally, the model incorporates probability-adjusted future milestones from partnerships with Alexion (NASDAQ:ALXN) and Novartis (SIX:NOVN), each with a 15% probability.
Canaccord Genuity’s assessment excludes any specific valuation for other programs or collaborations that Voyager Therapeutics may have. The firm also expressed a positive outlook on the company’s TRACER capsid technology, citing favorable data observed thus far.
Voyager Therapeutics specializes in the development of gene therapies for severe neurological diseases, leveraging its proprietary TRACER platform designed to enable the discovery and design of adeno-associated virus (AAV) capsids that can target specific tissues in the body. For detailed insights into Voyager’s financial health and growth prospects, including 10 additional ProTips and comprehensive valuation metrics, visit InvestingPro, where you’ll find expert analysis in our exclusive Pro Research Report.
In other recent news, Voyager Therapeutics reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of -0.37, which matched analyst expectations. However, the company did not disclose its revenue forecast. Voyager maintains a strong cash position with $332 million, sufficient to fund operations until mid-2027, and has potential future milestone payments totaling $8.2 billion from its strategic partnerships. H.C. Wainwright reiterated a Buy rating with a $30 price target, highlighting Voyager’s advancements in gene therapy and biologics programs for neurological diseases. Truist Securities also reaffirmed a Buy rating with an $18 target, expressing confidence in Voyager’s capsid platform despite a setback with the VY9323 treatment for ALS. Citi adjusted its price target to $11 while maintaining a Buy rating, emphasizing the clean safety profile of Voyager’s VY7523 anti-Tau antibody. Upcoming catalysts include presentations at the Alzheimer’s & Parkinson’s Disease Conference and planned IND applications for Parkinson’s and Friedreich’s ataxia gene therapies in partnership with Neurocrine Biosciences.
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