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MGI Pharma at buy from Merrill
Merrill Lynch analyst Eric Ende rated MGI Pharma, Inc. at buy after the company reported solid earnings per share, beating Aloxi estimates for the first time in five quarters and also beating Dacogen projections. While fourth-quarter 2006 and first-quarter 2007 Aloxi sales are likely to decline due to generic Zofran, the analyst believes Aloxi sales will rebound in the second-quarter 2007 ahead of the consensus estimate. Merrill's 2006 earnings per share estimate is now a loss of $0.26 and its 2007 earnings per share estimate is a profit of $0.19. Shares of the Bloomington, Minn.-based biopharmaceutical company were up $1.21, or 6.66%, at $19.38. (Nasdaq: MOGN)
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