JMP cuts MGI Pharma to market perform

MGI Pharma, Inc. was downgraded by JMP Securities analyst Charles C. Duncan to market perform from market outperform on news that the company's recent pre-reported 2005 financials and 2006 guidance were underwhelming, but largely priced in. Based on last year's weaker-than-expected Aloxi sales of $248 million, below estimates of $250 million, JMP is decreasing its 2006 Aloxi sales forecast to $285 million from $300 million. Shares of the Bloomington, Minn., pharmaceutical company were up 6 cents, or 0.37%, at $16.29 on volume of 300,775 shares versus the three-month running average of 1,572,930 shares. (Nasdaq: MOGN)

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