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Biotech / Medical : MGI Pharma MOGN New patents, anti cancer

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From: IRWIN JAMES FRANKEL1/6/2006 10:25:21 AM
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10:22 MOGN MGI Pharma downgraded to Mkt Perform at Leerink Swan before the open (17.67 -0.16)

Before the open, Leerink Swan downgraded MOGN to Mkt Perform from Outperform and lowereed their valuation range to $19-22. They say two recent MEDACorp surveys suggest the growth of lead product Aloxi may be challenging in 2006-07 and the initial uptake of lead pipeline candidate Dacogen could be modest. They say that after the arrival of generic Zofran in late '06, physicians projected declining shares of Aloxi for 2007. While they believe the survey may have overstated the impact of generic Zofran, they see modest Aloxi growth in '06 and especially '07.
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