Leerink says UCB’s (UCBJF) announcement that Roche (RHHBY) terminated collaboration on its Alzheimer’s disease asset is bringing negative sentiment on Voyager Therapeutics (VYGR)’ lead tau-antibody VY7523. Roche returning the rights could hint at underwhelming data, not warranting continued development from the company’s perspective, the analyst tells investors in a research note. The firm believes this announcement “adds to nervousness” on the clinical relevance of tau-targeted antibodies in Alzheimer’s. In a discussion, Voyager management noted that UCB’s description of the data as “encouraging” could indicate a mixed outcome, Leerink points out. The firm is not surprised the announcement negatively impacted Voyager, but sees the stock selloff “as excessive.” The return of rights could reflect a strategic decision from Roche rather than a reflection of the quality of the data, Leerink contends. It reiterates an Outperform rating on Voyager Therapeutics, which closed Tuesday down 19% to $6.19.
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