Merrill Lynch maintains MGI Pharma at buy

MGI Pharma Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating with a $28 price target after third-quarter results were in line with guidance. Merrill Lynch said the Dacogen new drug application could be re-filed by Nov. 15 and the Aquavan phase II study is fully enrolled. Because of increased spending on pipeline products, Merrill Lynch also lowered earnings per share estimates through 2007. Shares of the Bloomington, Minn., pharmaceutical company were down $2.50, or 10.96%, at $20.32 on volume of 4,838,087 shares versus the three-month running average of 1,299,860 shares.

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