H.C. Wainwright maintained a Buy recommendation and a $25 price target for Voyager Therapeutics on Thursday, citing progress across the biotech’s tau-targeting pipeline.
The firm’s reiteration follows a virtual meeting with Voyager CEO Alfred Sandrock and comes as the company’s proprietary therapies near key inflection points. Voyager’s market capitalization stands at $213 million, with shares closing at $3.46 on Wednesday. The company reported $149 million in cash at the end of the second quarter, providing a liquidity runway through 2028.
Voyager’s lead programs include VY1706, a tau-silencing gene therapy, and VY7523, an anti-tau antibody. The FDA cleared VY1706’s Investigational New Drug application in June, while Health Canada approved its clinical trial application in July. H.C. Wainwright noted that both programs are on track to reach critical milestones in the fourth quarter of 2026, including the initiation of first-in-human dosing for VY1706.
Preclinical data presented at the Alzheimer’s Association International Conference in London highlighted a single intravenous dose of VY1706 reduced tau protein by up to 75% in key brain regions of non-human primates. The company’s TRACER capsid and ALPL NeuroShuttle platforms underpin these therapies, which target tau pathology central to Alzheimer’s progression.
Voyager’s VY7523 is currently in a fully accrued Phase 1 multiple ascending dose study involving 52 patients, with efficacy data from tau PET imaging expected in the fourth quarter. The VY1706 trial is designed as a multicenter, open-label, dose-escalation study in early-stage Alzheimer’s patients with confirmed tau pathology via PET imaging. Dosing in this population is slated to begin in the second half of 2026.
