JMP maintains MGI at outperform, lowers price target

MGI Pharma Inc. was reiterated by JMP Securities LLC analyst Charles C. Duncan at a market outperform rating, but the price target was lowered to $29 from $33. The change reflects MGI's acquisition of Guilford and downward guidance in sales of Aloxi to treat chemotherapy-induced nausea and vomiting. With Guilford, MGI bolsters its portfolio with Gliadel wafers for brain cancer and Aquavan, an anesthetic. Shares of the Bloomington, Minn.-based biopharmaceutical company were up $0.67, or 3.02% at $22.82 on volume of 1,540,172 shares versus the three-month running average of 1,295,110 shares.

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