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AMAG

Amag Pharmaceuticals

$12.64

-0.02 (-0.16%)

08:27
09/12/19
09/12
08:27
09/12/19
08:27

Amag urges shareholders to take no action on Caligan solicitation

AMAG Pharmaceuticals issued the following letter, which will be mailed to its shareholders. The letter said, in part, "You may soon receive consent solicitation materials from Caligan Partners LP, a hedge fund that accumulated its entire stake in AMAG Pharmaceuticals, Inc. within the past three months. Caligan has indicated that it intends to seek your written consent to remove and replace four members of your AMAG Board of Directors. Additionally, the Company is carefully reviewing the proposed ideas from Caligan, as it is concerned that certain actions pushed by Caligan may be destructive to the long-term value of the Company. The Board is committed to acting in the best interest of shareholders and maximizing long-term value creation, and remains steadfast in its belief that any corporate action taken must be for the benefit of all AMAG shareholders. Since 2017, the Company has made significant progress executing on its ambitious five-year strategic plan to develop and commercialize innovative products. In this timeframe, AMAG has successfully transformed from a specialty pharmaceuticals company with only two assets into a pharmaceutical company with four commercial therapies and two development-stage programs all while strengthening the financial profile of the Company. AMAG has streamlined and diversified its product portfolio and development pipeline through the divestiture of the CBR business and the acquisitions of AMAG-423 and ciraparantag and significantly strengthened its balance sheet through debt reduction and salesforce consolidation. Your Board believes that the removal of four highly-qualified and experienced members of the Board would be detrimental to the Company and our shareholders...It is imperative that shareholders take the necessary time to review relevant information, including the recommendation of AMAG's Board, before taking any action with respect to Caligan's consent solicitation. The Company intends to mail to you a consent revocation statement and accompanying GREEN consent revocation card, which will explain in more detail the Board's reasons for opposing Caligan's consent solicitation... We urge all shareholders to refrain from taking any action at this time and to WAIT for AMAG's consent revocation statement and GREEN consent revocation card. In the meantime, we urge all shareholders to disregard Caligan's consent efforts and discard any materials that may have been sent to you by Caligan."

AMAG Amag Pharmaceuticals
$12.64

-0.02 (-0.16%)

08/01/19
HCWC
08/01/19
INITIATION
Target $16
HCWC
Buy
Amag Pharmaceuticals initiated with a Buy at H.C. Wainwright
H.C. Wainwright analyst Douglas Tsao started Amag Pharmaceuticals with a Buy rating and $16 price target. The company's valuation is "now compelling with new opportunities approaching," Tsao tells investors in a research note. With FDA approval for Vyleesi now in hand and ciraparantag entering Phase 3, Amag has two assets that the company can build upon the base provided by the Makena autoinjector and Feraheme, says the analyst.
08/01/19
08/01/19
INITIATION

Fly Intel: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. AMD (AMD) and Maxim Integrated (MXIM) initiated with a Hold at Benchmark. 2. Amag Pharmaceuticals (AMAG) and Cassava Sciences (SAVA) initiated with a Buy at H.C. Wainwright. 3. Crispr Therapeutics (CRSP) initiated with a Buy at Jefferies. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/19
NEED
08/07/19
NO CHANGE
NEED
Hold
Amag 'story took some significant hits' in second quarter, says Needham
After Amag Pharmaceuticals reported lower than expected revenue in Q2 and cut its FY19 revenue guidance, Needham analyst Serge Belanger said the "story took some significant hits," pointing to Makena IM supply issues, partner Prasco discontinuing the authorized generic product, the company's development partner for ciraparantag terminating its collaboration agreement and news that the FDA is convening an Advisory Committee in Q4 to discuss the PROLONG trial. The analyst, who thinks concerns about Makena's future have worsened since the Q1 update, keeps a Hold rating on Amag shares.
08/07/19
PIPR
08/07/19
NO CHANGE
PIPR
Piper Jaffray lowers price target, remains Neutral on Amag Pharmaceuticals
Piper Jaffray analyst Christopher Raymond maintained a Neutral rating on Amag Pharmaceuticals and lowered his price target on shares to $9 from $13 after the company's Q2 earnings miss and lowered FY19 guidance. Raymond said he prefers to stay on the sidelines considering his skepticism about the Vyleesi launch. While the drug was recently approved, the analyst noted that its inconvenient dosing, which requires an injection 45 mintutes before sex, and ~40% nausea rate make it difficult to anticipate "substantial commercial uptake."

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