As previously reported, Janney Capital analyst Ken Trbovich downgraded AMAG Pharmaceuticals to Neutral from Buy after the company terminated a pain study and surprisingly said it would no longer pursue orphan drug exclusivity for its new Makena subcutaneous formulation. Due to this decision, AMAG will no longer have the benefit of the exclusivity to block generic, or other branded, subcutaneous formulations, said Trbovich, who concluded this makes efforts to switch patients to the new Makena SQ much riskier than he previously expected. Trbovich lowered his fair value estimate on AMAG shares to $25 from $45.