MGI Pharma still a buy, says Merrill Lynch

MGI Pharma Inc. was reiterated by Merrill Lynch analyst Eric Ende at a buy rating with a $28 price target after final Dacogen transfusion data was submitted to the FDA in response to the approvable letter. Dacogen's withdrawal from the European Union will have only a minimal effect due to the royalty agreement with Supergen. Merrill Lynch said it believes the company will partner in the EU and receive guidance on possible future trial design for Dacogen in Europe. Shares of the Bloomington, Minn.-based biopharmaceutical company were down 19 cents, or 0.92% at $20.38 on volume of 908,142 shares versus the three-month running average of 1,348,520 shares.

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