MGI maintained by Merrill at buy

MGI Pharma Inc. was maintained by Merrill Lynch analyst Eric Ende at a buy rating after the company released positive phase 2 data on Aquavan for sedation of patients undergoing colonoscopy. The administration of the sedative does not require an anesthesiologist, which could reduce costs and increase revenues for acute care centers. Doctors and patients also reported satisfaction with the drug. A phase 3 program will begin in early 2006. Merrill projects peak sales of $100 million. Shares of the Bloomington, Minn., biopharmaceutical company were up $1.78, or 11.17%, at $17.72 on volume of 2,981,926 shares versus the three-month running average of 1,447,100 shares.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.