May 31, 2017 / 2:39 PM / 6 months ago

BUZZ-Perrigo: Q1 happy pill for grumpy shareholders

** Beaten-up shares of Perrigo Co jump 6.1 pct to $72.06 after Q1 results filed late Tues

** Q1 adj EPS of $1.05 topped 99-cent estimate, according to Thomson Reuters I/B/E/S; net sales fell 11 pct to $1.19 bln

** Drugmaker also says it is up-to-date on its SEC filings, after previously delaying its annual report

** “The better-than-expected quarter should be well received by investors, especially given the sentiment on the stock,” UBS analyst Marc Goodman says in note

** Adding “now that the company is current on all its SEC filings, management should be able to provide more details on the performance and outlook of the business”

** YTD, PRGO shares still down 13.9 pct, one of biggest decliners in S&P 500 healthcare sector; NYSE Arca Pharmaceutical index up 8.7 pct in 2017

** Stock down more than 60 pct from levels reached about two years ago

** Perrigo Co struck a deal in Feb with Starboard Value LP, agreeing to add three directors to the board amid pressure from the activist hedge fund

** As of May 22, 7.2 pct of shares outstanding held short, more toward upper-end of the 3.08-7.80 pct 52-week range, according to Thomson Reuters data

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below