Piper Jaffray analyst Christopher Raymond lowered his price target for Amag Pharmaceuticals to $20 from $22 following the company's "essentially in-line" Q3 results and "surprisingly lower" initial fiscal 2019 guidance, he calls a "bit of a bombshell." The analyst is "flummoxed" by the non-GAAP EBITDA loss guidance of $50M, which he notes represents a $100M negative swing versus consensus. This appears to be driven by investment in Vyleesi, a product "in which we have very little confidence," Raymond tells investors in a post-earnings research note. He remains cautious on Amag shares with a Neutral rating.