The device was removed by army bomb experts after it was found at a house in the Drumalla Park/Bay Road area of the town.
Stewart Dickson MLA said: “I must condemn those behind this device who have nothing to offer our society.
“This device caused significant disruption for the local community and I must commend all those who acted quickly to help those who had to be moved from their homes during the alert.
“While this device might have caused disruption at the time, those behind it will not succeed in dragging our community back to the past.
“I would urge anyone with information to contact the PSNI as soon as possible.”