Voyager Therapeutics Inc. (NASDAQ: VYGR) has seen a decent year for its shares and now seems like a good time to cash in. Although the past month has not been especially favorable for the stock, this appears to be best time to grow its cash in a secondary offering.

While the stock is only up 5% year to date, it has done better over the past 52 weeks. The stock is up about 12% in the past year. Unfortunately, the stock is down about 34% in just the past month.

The company announced that it would be offering 4.5 million shares at $12 per share, with an overallotment option for an additional 675,000 shares. At this price, the entire offering is valued up to $62.1 million. Keep in mind the market cap is about $360 million.

The underwriters for this offering are Morgan Stanley, Cowen, Stifel and Wells Fargo.

Voyager is a clinical-stage gene therapy company focused on developing life-changing treatments for patients suffering from severe neurological diseases. The firm focuses on diseases in which it believes an adeno-associated virus (AAV) gene therapy approach that either increases or decreases the production of a specific protein can slow or reduce the symptoms experienced by patients, and therefore have a clinically meaningful impact.

The company has built a product engine that it believes positions it to be the leading company at the intersection of AAV gene therapy and severe neurological disease. Its product engine enables the firm to engineer, optimize, manufacture and deliver AAV-based gene therapies that have the potential to provide durable efficacy following a single administration.

Its team of experts in the fields of AAV gene therapy and neuroscience first identifies and selects severe neurological diseases that are well-suited for treatment using AAV gene therapy.

The company intends to put the net proceeds from this offering toward its treatment of Parkinson’s disease, with the remainder going toward working capital and general corporate purposes.

Shares of Voyager closed Tuesday down 19% at $13.38, with a consensus analyst price target of $31.11 and a 52-week range of $8.10 to $25.99. Following the announcement, the stock was down about 12% at $11.78 in early trading indications Wednesday.

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