Voyager Therapeutics
VYGR on Nasdaq. Biological products, (no diagnostic substances). Market value $152m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-80.10 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 24 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$2.46 a share, 3% above its 1-year low
Over the past year the price has ranged from $2.39 to $5.55.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $37m | $41m | $250m | $80m | $40m |
| Operating margin | |||||
| Operating margin | -196.8% | -124.3% | 48.8% | -104.1% | -326.6% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.05bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsShrinking, 25.1% a year
- Buying back its own sharesNo, 60% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3 million last quarter, down 39% on a year ago.
- A loss of $24 million, compared with a loss of $33 million a year ago.
- It loses 340 cents on each $1 of sales, compared with 290 cents a year earlier.
- Over the past 12 months it spent $121 million more cash than it brought in, compared with $116 million a year earlier.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in 1 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $25m |
| December 2024 | $6m |
| March 2025 | $6m |
| June 2025 | $5m |
| September 2025 | $13m |
| December 2025 | $15m |
| March 2026 | $3m |
| June 2026 | $3m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$9m |
| December 2024 | -$34m |
| March 2025 | -$31m |
| June 2025 | -$33m |
| September 2025 | -$28m |
| December 2025 | -$27m |
| March 2026 | -$28m |
| June 2026 | -$24m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 136 funds in all.
Largest holders overall
- BlackRock$18mCut
- Millennium Management$16mAdded
- Armistice Capital$12m
- Vestal Point Capital, LP$9mCut
- Vanguard Capital Management$8mAdded
- Geode Capital Management$5mAdded
- Opaleye Management$4mAdded
- State Street$4mAdded
- TWO Sigma Investments, LP$3mAdded
- Dimensional Fund Advisors LP$3mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Millennium Management LLCPassive investorat least 7.4%+1.3 pts(filed with 3 related holders)Since 30 June 2026
- BlackRock, Inc.Passive investor6.4%Since 31 March 2025
- Armistice Capital, LLCPassive investorat least 5.6%−0.3 pts(filed with 1 related holder)Since 30 June 2026
- EcoR1 Capital, LLCPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Millennium Management LLC Passive investor | at least 7.4%+1.3 pts (filed with 3 related holders) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 6.4% | 31 March 2025 | |
Armistice Capital, LLC Passive investor | at least 5.6%−0.3 pts (filed with 1 related holder) | 30 June 2026 | |
EcoR1 Capital, LLC Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $297,957, $220,709 of it under preset trading plans.
- Sandrock AlfredPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 2 April 2026
- Shares
- 11,511
- Price
- $3.87
- Value
- $44,548
- Swartz RobinCOO & CBOSoldunder a preset trading plan
- Date
- 24 February 2026
- Shares
- 6,458
- Price
- $3.77
- Value
- $24,347
- Sandrock AlfredPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 24 February 2026
- Shares
- 14,197
- Price
- $3.79
- Value
- $53,807
- Jorgensen Nathan D.Chief Financial OfficerSoldunder a preset trading plan
- Date
- 24 February 2026
- Shares
- 4,668
- Price
- $3.77
- Value
- $17,598
- Carter Todd AlfredChief Scientific OfficerSoldunder a preset trading plan
- Date
- 24 February 2026
- Shares
- 4,174
- Price
- $3.76
- Value
- $15,694
- Swartz RobinCOO & CBOSoldunder a preset trading plan
- Date
- 18 February 2026
- Shares
- 3,882
- Price
- $3.44
- Value
- $13,354
- Carter Todd AlfredChief Scientific OfficerSoldunder a preset trading plan
- Date
- 18 February 2026
- Shares
- 3,301
- Price
- $3.44
- Value
- $11,355
- Sandrock AlfredPresident and CEO, DirectorSoldunder a preset trading plan
- Date
- 18 February 2026
- Shares
- 11,732
- Price
- $3.41
- Value
- $40,006
- Swartz RobinCOO & CBOSold
- Date
- 10 February 2026
- Shares
- 4,569
- Price
- $3.85
- Value
- $17,591
- Sandrock AlfredPresident and CEO, DirectorSold
- Date
- 10 February 2026
- Shares
- 12,192
- Price
- $3.78
- Value
- $46,086
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 April 2026 | Sandrock Alfred President and CEO, Director | Sold under a preset trading plan | 11,511 | $3.87 | $44,548 |
| 24 February 2026 | Swartz Robin COO & CBO | Sold under a preset trading plan | 6,458 | $3.77 | $24,347 |
| 24 February 2026 | Sandrock Alfred President and CEO, Director | Sold under a preset trading plan | 14,197 | $3.79 | $53,807 |
| 24 February 2026 | Jorgensen Nathan D. Chief Financial Officer | Sold under a preset trading plan | 4,668 | $3.77 | $17,598 |
| 24 February 2026 | Carter Todd Alfred Chief Scientific Officer | Sold under a preset trading plan | 4,174 | $3.76 | $15,694 |
| 18 February 2026 | Swartz Robin COO & CBO | Sold under a preset trading plan | 3,882 | $3.44 | $13,354 |
| 18 February 2026 | Carter Todd Alfred Chief Scientific Officer | Sold under a preset trading plan | 3,301 | $3.44 | $11,355 |
| 18 February 2026 | Sandrock Alfred President and CEO, Director | Sold under a preset trading plan | 11,732 | $3.41 | $40,006 |
| 10 February 2026 | Swartz Robin COO & CBO | Sold | 4,569 | $3.85 | $17,591 |
| 10 February 2026 | Sandrock Alfred President and CEO, Director | Sold | 12,192 | $3.78 | $46,086 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
- Sales have shrunk: 25.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.