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MGI Pharma kept at buy, Merrill says
MGI Pharma, Inc. was maintained at buy by Merrill Lynch analysts Eric J. Ende, David W. Munno and Thomas J. McGahren on news the company received an approvable letter for Dacogen, its MDS treatment, which is expected to receive approval three to nine months later than expected. Merrill reduced the company's target price to $30.00 from $31.00 based on lower earnings-per-share estimates. MGI Pharma shares closed down $0.64, or 2.37%, at $26.40 on Friday on volume of 3,801,217 shares versus a three-month trailing average of 1,316,130 shares.
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