MGI Pharma "neutral," target price reduced
[The Baird people are following the share price down. Wouldn't it be nicer if they were ahead of the curve?].
Friday, December 16, 2005 11:55:13 AM ET
Robert W. Baird
NEW YORK, December 16 (newratings.com) - Analysts at Robert W Baird reiterate their "neutral" rating on MGI Pharma Inc (MOGN.NAS), while reducing their estimates for the company. The target price has been reduced from $25 to $20.
In a research note published this morning, the analysts mention that the FDA has classified the company’s Dacogen resubmission as a Class 2 resubmission, along with setting the PDUFA date to May 15, 2006. The revenue estimate for FY06 has been reduced from $39 million to $16.6 million to reflect the impact of the PDUFA date set by the FDA, which is later than expected, the analysts say. The EPS estimates for 2005, 2006, 2007 and 2008 have been reduced from $0.22 to $0.20, from $0.29 to $0.07, from $0.95 to $0.69 and from $1.97 to $1.64, respectively. |
