NEW YORK (TheStreet) -- Allergan, Inc. (AGN) shares are down -2.5% to $169.63 on Monday after the company announced that the FDA had delayed a decision concerning its acute migraine aerosol treatment Semprana.
The company received a "complete response" letter for the second time from regulators at the agency, a decision that delays possible approval for the drug until the second quarter of next year.
Wall Street analysts believed that the drug could generate $150 million in sales and add 24 cents per share to the company's bottom line by 2017 prior to today's ruling.
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TheStreet Ratings team rates ALLERGAN INC as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ALLERGAN INC (AGN) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, compelling growth in net income, good cash flow from operations and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."