Voyager Therapeutics, Inc. (VYGR) Stock

Voyager Therapeutics, Inc. (VYGR) is a Healthcare stock trading at $3.37 (as of 2026-08-21), with a market capitalization of $203.62M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Voyager Therapeutics develops gene-therapy treatments and related platform technologies, including its lead program VY-AADC in an open-label Phase 1 trial for Parkinson’s disease. Its preclinical pipeline includes AADC, SOD102 for amyotrophic lateral sclerosis, HTT01 for Huntington’s disease, FXN01 for Friedreich’s ataxia, and additional tau and spinal muscular atrophy programs, with collaboration and licensing agreements involving Neurocrine Biosciences, Pfizer, and Novartis.

Understand Voyager Therapeutics, Inc.: how it makes money

Voyager Therapeutics develops gene therapy treatments and platform technologies, with its lead program VY-AADC in an open-label Phase 1 trial for Parkinson's disease, and additional preclinical programs targeting diseases such as ALS, Huntington's disease, Friedreich's ataxia, and tauopathies.

As an R&D-stage gene therapy company, Voyager's near-term results are driven by collaboration and option-exercise related revenue lines rather than product sales, while long-term outcomes depend on advancing clinical and preclinical programs.

Revenue by segment (latest quarter)
Neurocrine2019	$0.0B
DefenseNSAdjEBITDA	$0.0B
SpaceSolutionsAdjEBITDALoss	$0.0B

Business quality (Weak): The provided segment and KPI candidates include items that do not clearly align with a gene therapy company (for example, space solutions, lending and staking, and account metrics). Because of this, segment-level confidence is limited, and the safest read is that revenue is very small or zero for the latest quarter provided.

Bull case

Clinical focus on VY-AADC for Parkinson's disease: VY-AADC is the lead clinical candidate and is in an open-label Phase 1 clinical trial.
Breadth of preclinical pipeline: Preclinical programs include VY-SOD102 (ALS), VY-HTT01 (Huntington's disease), VY-FXN01 (Friedreich's ataxia), and a tau program for multiple tauopathies.

Bear case

No product revenue in the latest quarter provided: The latest quarter shows revenue of 0.0B, consistent with an early-stage company that is not yet selling an approved therapy.
Large operating loss profile: Operating margin is -1167.4% for the latest period provided, indicating substantial operating cost burden relative to the small revenue base.
Dependence on collaboration economics: The most relevant provided operating revenue lines are collaboration-related, including option exercises, which can be difficult to scale compared with recurring product sales.

Valuation — source: SEC EDGAR (first-party)
Price	$3.37
Market Cap	$203.62M
Price / Book	1.17
Price / Sales	7.37
FCF Yield	-122.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$40.37M
Net Margin	-296.5%
Revenue Growth (YoY)	-49.5%
EPS Growth (YoY)	80.5%
FCF Growth (YoY)	617.2%

Financial Health — source: SEC EDGAR
Altman Z-Score	-1.06 (distress)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.2

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($21.49M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Alfred W. Sandrock Jr.
Employees	172
Country	US
IPO Date	2015-11-11

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.