NEW YORK (TheStreet) -- Shares of Allergan (AGN) were slumping in mid-morning trading on Wednesday after the company reported weaker-than-expected results for the 2016 third quarter and issued a downbeat outlook.

"Namenda numbers were not good. Analysts wanted them to pull through forward some growth. They would not do that. Margins are a concern," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.

The company's Namenda drug is approved for the treatment of moderate to severe Alzheimer's disease.

"Namenda numbers were disappointing and that franchise looks like it is under attack," Cramer noted, adding that's why he believes the stock is down.

"You need to see everything go higher with Allergan because you need to see everything go higher with every drug company," Cramer contended, "That was a disappointment."

Allergan also announced a $10 billion accelerated stock buyback program and announced a quarterly dividend of 70 cents per share.

But Cramer noted that he wants growth, not a dividend.

"If I want dividend, I'll go to Pfizer (PFE), I'll go to Glaxo (GSK)," Cramer said.

Additionally, Cramer mentioned that Allergan CEO Brent Saunders is going after treatments for Irritable Bowel Syndrome, dermatology and ophthalmology.

"What does that sound like? Who is he going against?" Cramer asked, "Valeant (VRX)."

"The analysts want him to start hyping those. He's not hyping that. But he's got this legacy business for Namenda and I think that's hurting him," Cramer contended.

Cramer also noted that some people are asking whether Saunders is giving a dividend to mask lack of growth.

(Allergan is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with a free trial.)

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, revenue growth and largely solid financial position with reasonable debt levels by most measures.

But the team also finds weaknesses including unimpressive growth in net income, weak operating cash flow and a generally disappointing performance in the stock itself.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: AGN

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