Merrill maintains MGI at buy

MGI Pharma Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating after the company received an acceptance letter from the FDA for Dacogen for myelodysplastic syndrome, classifying the review class 2, implying a six-month review, which was expected. Investors have become concerned the FDA might not accept the filing because of a delay in response. The announcement should alleviate those fears, Merrill said. Dacogen and Aquavan, with phase 2 data expected for release in two weeks, should provide the next leg of growth. Shares of the Bloomington, Minn., biopharmaceutical company were down 32 cents, or 1.88%, at $16.68 on volume of 4,142,925 shares versus the three-month running average of 1,369,050 shares.

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