JMP reiterates MGI at outperform

MGI Pharma, Inc. was reiterated by JMP Securities analyst Charles C. Duncan at a market outperform rating and a $27 price target after the company reported results from its phase 2 dose-ranging study of Aquavan injection in patients undergoing colonoscopy that showed superior sedation. The study bodes well for the pivotal program and should improve sentiment for the Guilford acquisition, JMP said. Shares of the Bloomington, Minn., biopharmaceutical company were up 60 cents, or 3.39%, at $18.32 on volume of 1,557,220 shares versus the three-month running average of 1,481,020 shares.

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