JMP cuts MGI to market underperform

MGI Pharma, Inc. was downgraded to market underperform with a $15 price target from market perform by JMP Securities analyst Charles C. Duncan. While the company's second-quarter 2006 financial results were roughly in line on top with total revenues of $87 million, compared to the Street and the analyst's estimates, the poor Aloxi sales were a disappointment. Management downwardly adjusted 2006 guidance for Aloxi sales and total revenues due to pressure from approved generics. Shares of the Bloomington, Minn.-based biopharmaceutical company were down $6.89, or 32.15%, at $14.54 on volume of 14,353,855 shares versus the three-month running average of 1,153,690 shares. (Nasdaq: MOGN)

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