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LEXINGTON, Mass. - Voyager Therapeutics, Inc. (NASDAQ:VYGR), a biotechnology firm focused on neurogenetic medicines with a market capitalization of $290 million, announced today it is reassessing its gene therapy program for a form of amyotrophic lateral sclerosis (ALS) due to unforeseen challenges with its current treatment candidate. According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment, with the stock currently trading near its 52-week low of $4.99. The company will explore alternative payloads after non-human primate studies indicated the need for adjustments to achieve the intended product profile.
This development has led to a delay in the anticipated investigational new drug (IND) application for its ALS therapy, VY9323, which was previously slated for mid-2025. However, there are no planned changes to the novel capsid component of the therapy, which has shown consistent performance across multiple programs.
Despite this setback, Voyager’s cash runway is now projected to extend into mid-2027, not accounting for any potential milestone payments from partnerships. The company maintains a strong financial position, with InvestingPro data showing more cash than debt on its balance sheet and a healthy current ratio of 8.45. The company’s other gene therapy programs, including those for GBA1 Parkinson’s disease and Friedreich’s ataxia, remain on track with expected IND filings in 2025. Four analysts have recently revised their earnings expectations upward for the upcoming period.
Voyager’s CEO, Dr. Alfred W. Sandrock Jr., expressed disappointment in the delay but optimism about the potential of their novel TRACER capsids to transform gene therapy for central nervous system diseases. He emphasized the company’s commitment to addressing the unmet medical needs in ALS.
The decision to reassess the SOD1 ALS program’s approach does not affect the progress of Voyager’s collaborations. Neurocrine (NASDAQ:NBIX) Biosciences is expected to file IND applications in 2025 for the GBA1 Parkinson’s program and the Friedreich’s ataxia program, with another IND filing anticipated in 2026 for VY1706.
Voyager presented additional data at the Oppenheimer 25th Annual Healthcare Life Sciences Conference today, with the presentation accessible on their website for the next 90 days.
Voyager Therapeutics is known for its work in Alzheimer’s disease, ALS, Parkinson’s disease, and other central nervous system disorders. Their pipeline includes programs developed from their TRACER AAV capsid discovery platform, which has generated novel capsids that could enable high brain penetration following intravenous dosing. The company cooperates with several partners, including Alexion (NASDAQ:ALXN), AstraZeneca (NASDAQ:AZN) Rare Disease; Novartis (SIX:NOVN) Pharma AG; and Neurocrine Biosciences. InvestingPro rates the company’s overall financial health as "GREAT" with a score of 3.19 out of 5. For deeper insights into Voyager’s financial health and growth potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
This news article is based on a press release statement from Voyager Therapeutics.
In other recent news, Voyager Therapeutics has been the focus of several analysts’ reports. H.C. Wainwright maintained its Buy rating for Voyager, setting a price target at $30.00, noting the company’s promising pipeline of therapies targeting central nervous system disorders. The firm specifically highlighted the potential of Voyager’s tau-targeting therapies, VY7523 and VY1706, and its TRACER platform.
Citi also initiated a Buy rating for Voyager, with a price target of $12.00, expressing optimism about the company’s innovative approach to gene therapy for central nervous system disorders. The firm anticipates that Voyager will submit Investigational New Drug applications for several of its therapies in 2025.
Oppenheimer reiterated an Outperform rating for Voyager with a target price of $18.00, following the company’s third-quarter 2024 financial report, which included $24.6 million in collaboration revenue and a cash reserve of $345.4 million.
These recent developments have been supported by Voyager’s third-quarter 2024 earnings call. The company reported a robust pipeline of wholly-owned and partnered programs, with a focus on developing treatments for neurological diseases. The company’s cash position of $345 million is projected to support its research and development efforts through 2027.
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