MGI Pharma Fell 42% Last Week

MGI Pharma

(MOGN)

dropped 42% over the last five trading days following a series of corporate developments, as shareholders decided the bad easily outweighed the good. MGI stopped a late-stage clinical trial of irofulven as a drug candidate for pancreatic cancer, but the company will continue evaluating the product for other uses. The company also said a separate trial for palonosetron, a treatment for chemotherapy-induced nausea and vomiting, met the primary goal of its trial. In addition, MGI reported a first-quarter loss of 25 cents a share, much narrower than analysts were expecting. To complete the deluge of news, the company named Lonnie Moulder president and chief operating officer. Charles Blitzer will remain chief executive and will also be appointed chairman.