JMP reiterates MGI at market outperform

MGI Pharma Inc. was reiterated by JMP Securities analyst Charles C. Duncan at market outperform with $27 price target after the company filed a response to the FDA approvable letter for Dacogen in myelopdysplastic syndrome. It also revised its European regulatory strategy and will likely partner Dacogen in the EU. JMP said it believes the FDA requests will be satisfied with information in the response package. Dacogen could be on the market by mid-2006 with sales estimated at $30 million. Shares of the Bloomington, Minn.-based biopharmaceutical company were up 12 cents, or 0.59%, at $20.50 on volume of 710,461 shares versus the three-month running average of 1,342,020 shares.

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