Piper Jaffray analyst Christopher Raymond lowered his price target for Amag Pharmaceuticals to $13 from $20 and is "incrementally cautious" on the shares after the company announced that Makena's confirmatory study required for full approval failed to meet its co-primary endpoints. With this failure, it's entirely possible that FDA requires the wholesale withdrawal of the entire Makena franchise, Raymond tells investors in a research note titled "Makena May Well Be a Zero After PROLONG Failure." Further, the analyst adds that Amag's annual filing last Friday contained "somewhat concerning disclosures." Among other negative tidbits that included new risk language around continued supply issues as well as autoinjector failures for Makena SubQ, management inserted new, disconcerting risk language about the company's ability to service its debt load, contends Raymond. He keeps a Neutral rating on Amag Pharmaceuticals. The stock in morning trading is down 19%, or $2.57, to $11.16.