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MGI Pharma maintained by Merrill at buy
MGI Pharma was maintained by Merrill Lynch analyst Eric Ende at a buy rating. The stock is weak on two key issues: concerns that Aloxi sales will miss estimates and uncertainty about the timeline for Dacogen approval because the FDA has yet to acknowledge receipt of its application. Merrill said it believes Dacogen will receive a class 2 response, implying a six-month review. But, the stock is inexpensive and Aloxi sales are expected to reach at least $300 million. Aquavan phase 2 data is slated for release in two weeks with peak sales projected at $100 million. Dacogen is expected to achieve peak sales of $200 million by 2010. Shares of the Bloomington, Minn., biopharmaceutical company were up 25 cents, or 1.47%, at $17.28 on volume of 1,605,128 shares versus the three-month running average of 1,344,040 shares.
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