MGI rated at buy by Merrill

Merrill Lynch analyst Eric Ende rated MGI Pharma, Inc. at a buy after Saforis received an approvable letter to treat oral mucositis caused by chemotherapy. The analyst does not believe MGI will run an additional phase 3 study as requested by the Food and Drug Administration since it will cost about $20 million. Shares of the Bloomington, Minn.-based biopharmaceutical company were up 46 cents, or 2.64%, at $17.91. (Nasdaq: MOGN)

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