Morning Commentary: AMAG Pharmaceuticals moves in line in continued active trade

By Rebecca Melvin

New York, Sept. 25 – AMAG Pharmaceuticals Inc.’s in-the-money 2.5% convertibles due 2019 remained active early Friday following busy trade on Thursday. The bonds were seen to be moving up in line, or flat, with the underlying shares of the Waltham, Mass.-based specialty pharmaceutical company, after expanding about a point on a stock move lower on Thursday, according to a convertibles trader.

The AMAG bonds were quoted at 186.5 bid, 187.5 offered versus an underlying share price of $46.00.

Early Thursday the AMAG bonds had been lower in the mid 170s, and then they had traded to the upper 180s.

The moves are related to concern over drug pricing that has reared its head this week and dragged the sector lower.

Also in the health care space, BioMarin Pharmaceutical Inc.’s 1.5% convertibles due 2020 were seen changing hands at 141, which was up about 0.5 point on an outright basis as the underlying shares of the Novato, Calif.-based biopharmaceutical company bumped around in both negative and positive territory.

Elsewhere the convertibles market was moving mostly in line, a New York-based trader said.

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