UPDATE: Canaccord Genuity Downgrades Vical Following Allovectin Failure
In a report published Tuesday, Canaccord Genuity analyst Ritu Baral downgraded Vical (NASDAQ: VICL) from Buy to Hold, and lowered the price target from $7.00 to $1.40.
In the report, Canaccord Genuity noted, “Lowering to HOLD, $1.40 target on Allovectin Ph3 failure and program halt. We still see blockbuster potential for the Astellas-partnered CMV franchise (ASP0113, f.k.a. CymVectin; TransVax) given unmet need. Our $1.40 target is based on a pNPV analysis.”
Vical closed on Monday at $1.53.
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