After Amag Pharmaceuticals reported what Piper Jaffray analyst Christopher Raymond called "an in-line Q418 print" and maintained its FY19 guidance, the analyst said he is maintaining his cautious stance and Neutral rating on the stock. Raymond said a sales force restructuring resulting in 110 positions being eliminated, which he views as the right call, was "the only incremental update [he] gleaned from the call." He believes the sales force cuts are "indicative of the challenges facing the women's health franchise" and still sees risk for next quarter's readout of Makena's confirmatory trial, Raymond tells investors in a post-earnings research note.