Jim,
That is an interesting question that is probably answered differently by each individual depending on their investment horizon, when they bought, why they bought, etc....
From a historical perspective on Vical, here is my opinion. On March 7, 1994 I first read about Vical in "Barron's" where M. Murphy was interviewed. He had a target of $100 for the end of 1996. Needless to say, 1994 was the start of the 5 year biotech bear market & $100 in 1996 was never realized.
To give some perspective of where they were at that time, on 3/4/94 they announced clearance for the first Phase I/II for Allovectin-7; on 5/4/94 Merck licensed the use of naked dna for 2 more vaccines (bringing the total to 4); on 12/2/96 Vical received core naked dna technology patent; on 1/2/97 Vical received naked dna vaccine patent; and so on...
From when I started to follow them, I have never seen them fail. No barn burners, but no failures. These little successes have added to their strength/position as a Company without being reflected in the market cap. We know how many trips between 12 - 16 were taken!!!
So, finally IMO, the $100 target that was set FOR 1996 is no longer valid when one looks at where the Company was then & where it is now. Actually $100 in 1996 would have made Vical the stock a greater value than Vical the Company... In 2000, $100 makes Vical the stock a lower value that Vical the Company.
So, I guess I continue to wait patiently for the market cap. to catch up to the Company.
Bill
ps. Sorry if I rambled, but I just tried to sum up six years of patience in a few paragraphs. |
