Is Voyager Therapeutics, Inc. overvalued or undervalued?

As of 11 March 2025, the valuation grade for Voyager Therapeutics, Inc. has moved from fair to risky, indicating a significant shift in its financial outlook. The company is currently considered overvalued, especially given its negative financial metrics. Key ratios include a Price to Book Value of 0.72, an EV to EBIT of 0.32, and an EV to EBITDA of 0.34, all of which reflect the company's struggles in generating positive earnings.
In comparison to its peers, Voyager's valuation metrics are concerning. For instance, Scholar Rock Holding Corp. and Precigen, Inc. are also categorized as risky, with EV to EBITDA ratios of -9.8457 and -3.9021, respectively. The negative return on equity of -31.06% further underscores the company's challenges. Additionally, Voyager's stock has underperformed significantly against the S&P 500, with a year-to-date decline of 48.15% compared to a modest 2.44% gain in the index. This performance reinforces the notion that Voyager Therapeutics is currently overvalued in the market.