Merrill rated at buy by Merrill

MGI Pharma was given a buy rating by Merrill Lynch analyst Eric Ende. Dacogen, for the treatment of myelodysplastic syndrome, was approved with a marketing-friendly label containing all subtypes of the disease including previously untreated and treated patients, as well as listing a response rate that is higher than that for Vidaza, its main competitor. Based on projected peak Dacogen sales of $150 million to $200 million, Merrill estimates a value for the drug of $6 to $11 per share. Shares of the Bloomington, Minn., biopharmaceutical company were up $0.89, or 4.84%, at $19.28 on volume of 6,244,282 shares versus the three-month running average of 1,037,770 shares. (Nasdaq: MOGN)

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