In other Allergan news, Jim Cramer and the Action Alerts PLUS team on Monday downgraded Allergan's shares.
"Our preference was to see the stock's move, which has gone from the mid-$160's in late December to the upper $180s now, coincide with a fundamental announcement by management of either better than expected guidance or a meaningful acquisition," wrote Cramer. "This has not been the case."
He added: "The next catalysts relate to data point readouts in its migraine pipeline, and since there are never certainties with pipeline drugs, we would not be buyers at this current price level until we see execution and better than expected performance."
"Our preference was to see the stock's move, which has gone from the mid-$160's in late December to the upper $180s now, coincide with a fundamental announcement by management of either better than expected guidance or a meaningful acquisition," wrote Cramer. "This has not been the case."
He added: "The next catalysts relate to data point readouts in its migraine pipeline, and since there are never certainties with pipeline drugs, we would not be buyers at this current price level until we see execution and better than expected performance."