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Merrill keeps MGI at market underperform
MGI Pharma, Inc. was kept at market underperform with a reduced price target of $14 from $15 by JMP Securities analyst Charles C. Duncan on news the company received an approvable letter from the Food and Drug Administration for Saforis for the treatment of oral mucositis. The FDA, however, did request an additional phase 3 study prior to the resubmission of the drug's NDA. Shares of the Bloomington, Minn.-based biopharmaceutical company were up 46 cents, or 2.64%, at $17.91. (Nasdaq: MOGN)
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