tiprankstipranks
Voyager Plunges 11% As Huntington’s Treatment Placed On Clinical Hold
Market News

Voyager Plunges 11% As Huntington’s Treatment Placed On Clinical Hold

Shares in Voyager Therapeutics (VYGR), a clinical-stage gene therapy company, plunged 11% in Monday’s after-hours trading. The company revealed that the U.S. Food and Drug Administration (FDA) has placed its Investigational New Drug (IND) submission for VY-HTT01 for the treatment of Huntington’s disease on clinical hold.

The IND was placed on clinical hold pending the resolution of certain chemistry, manufacturing and controls (CMC) matters, says the company.

Voyager now expects to receive specific feedback from the FDA on these matters within 30 days and plans to work closely with the agency to resolve them and promptly begin the clinical evaluation of VY-HTT01. It submitted the IND for VY-HTT01 in September 2020.

Huntington’s disease is a fatal, inherited neurodegenerative disease that causes the progressive breakdown of nerve cells in the brain. It is the most common monogenic neurological disorder in the developed world but there are no approved treatments targeting the underlying cause of the disease.

Shares in Voyager Therapeutics are currently trading down 14% year-to-date, however the stock scores a bullish Strong Buy consensus from the Street. That’s with 6 recent buy ratings vs 2 hold ratings. Meanwhile the average analyst price target of $19 indicates 59% upside potential from current levels.

Oppenheimer analyst Jay Olson has a buy rating on the stock and $26 price target based on his optimism over the company’s pipeline therapy for Parkinson’s Disease.

“Our Outperform rating on VYGR is based on our belief that shares are undervalued according to our evaluation of the company’s main asset, VY-AADC, and its Ph2/3 registrational clinical trials for advanced Parkinson’s Disease patients” he explained.

Currently, advanced Parkinson’s Disease patients may be candidates for Deep Brain Stimulation surgery and a relatively small number of patients typically pursue this procedure. “We believe that VY-AADC is well positioned to offer an additional option for advanced Parkinson’s Disease patients, given VYGR’s unique combination of AAV delivery and AADC-targeting gene therapy” the analyst concluded. (See VYGR stock analysis on TipRanks).

Related News:
J&J Halts Covid-19 Vaccine Trial Due To ‘Unexplained Illness’
Opko’s BioReference Lab Begins Covid-19 Testing At NYC Schools
Pfizer, BioNTech Initiate Rolling Canada Submission For Covid-19 Vaccine

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles