Credit Suisse Initiating Coverage on Vical

Credit Suisse is out with a research report on Vical (NASDAQ: VICL) and is initiating coverage with an Outperform rating and a $7 price target on shares.

In a note to clients, Credit Suisse writes, "We Are Initiating Coverage of Vical (VICL) with an Outperform Rating and a $7 Target Price. Vical's lead product Allovectin is in a Phase III trial for the treatment of metastatic melanoma. Vical has a pipeline of other vaccine product candidates. Our DCF-based target price is driven entirely by Allovectin, which makes Vical a high risk investment because Allovectin still needs to successfully complete Phase 3 and the FDA approval process."

Shares of VICL are at $3.45 currently.