Merrill rates gives MGI buy rating

MGI Pharma Inc. was rated at buy with price target of $22 by Merrill Lynch analyst Eric Ende on the company's pre-announced decline in Aloxi sales for the first quarter of $63 million, below prior guidance of $67 million. Merrill lowered its 2006 Aloxi sales estimate to $279 million from $287 million, and 2007 to $291 million from $306 million. Similarly, the analyst lowered its 2006 earnings per share estimate to $0.14 from $0.21, and 2007 earnings per share to $0.57 from $0.65. Shares of the Bloomington, Minn., biopharmaceutical company were up $0.21, or 1.30%, at $16.34 on volume of 1,514,738 shares versus the three-month running average of 1,018,320 shares. (Nasdaq: MOGN)

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