UPDATE: MLV & Co Initiates Buy, $4 Target on Zalicus

MLV & Co initiates coverage on Zalicus

with a Buy rating and a $4 target price to reflect the company's clinical development for 2012. MLV & Co says, "looking ahead to the company's 2012 clinical developments for their drug candidates for pain and inflammation. The company has initiated two Phase I programs for their ion channel blockers this month, and aims to follow in mid-2012 with Phase II studies. Their lead candidate, Synavive is currently in Phase IIb. In addition to their current large pharmaceutical partnerships, we see Zalicus forming new collaborations for these clinical-stage products. ZLCS closed at $1.21 per share on Tuesday.