UPDATE: Brinson Patrick Initiates Coverage on Vical with Market Outperform Rating, $7 PT on Allovectin Potential

In a report published Monday, Brinson Patrick analyst Vernon Bernardino initiated coverage on

with a Market Outperform rating and $7.00 price target. In the report, Brinson Patrick noted, “We are initiating coverage of Vical with a Market Outperform rating and 12-month price target of $7. We believe Vical's lead product, Allovectin, is poised to be a significant driver of the company's shares, beginning in 2Q13 with database lock of its Allovectin in metastatic melanoma Phase III trial. We believe the results will be positive, positioning Vical with a blockbuster opportunity in the rapidly evolving melanoma market.” Vical closed on Friday at $2.93.