UPDATE: Canaccord Genuity Initiates Vical at Buy on Product Platforms

Canaccord Genuity initiated its coverage on Vical

with a Buy rating and a price target of $7. Canaccord Genuity noted, "Initiating with a BUY, $7 target based on potential of Allovectin in metastatic melanoma (met mel) and our belief in the long-term value of VICL's CMV franchise. We expect widespread use in patients with unresectable melanoma given its clean safety profile and ease of use. We also see blockbuster potential for the CMV franchise – out licensed TransVax and wholly owned CyMVectin – noting the blockbuster potential given unmet need in a large population. Our $7 target is based in pNPV analysis." Vical closed at $4.33 on Thursday.