UPDATE: Canaccord Genuity Downgrades Vical to Hold, Lowers PT Following Allovectin Failure

In a report published Tuesday, Canaccord Genuity analyst Ritu Baral downgraded the rating on

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.