AMAG Pharmaceuticals' (NASDAQ:AMAG) IV iron, Feraheme Sales Down

A preview of the fourth quarter of AMAG Pharmaceuticals' (NASDAQ:AMAG) IV iron and Feraheme suggests sales are down, and Canaccord lowered their estimates on the company in response.

Canaccord said, "We are lowering our estimates, which results in a new price target of $16. AMAG’s Q4/10 preview indicates that sales of its IV iron, Feraheme, are below our expectations. There is a lingering overhang related to safety issues and recent label changes, and the long-term impact on the sales trend is not yet clear. While the valuation might look cheap here, we maintain a cautious stance."

Canaccord Genuity maintains a "Hold" on AMAG Pharmaceuticals, which closed Monday at $16.69, dropping $1.31, or 7.28 percent. Canaccord increased their price target on them from $16 to $19.