Perrigo Spikes After Rumors It Is Withdrawing From Leerink Conference

Shares of Perrigo Company plc Ordinary SharesPRGO PRGO spiked higher on Friday after rumors circulated that the company is withdrawing its attendance at a Leerink conference. There are several reasons why a company would withdraw its attendance at an analyst hosted or industry-wide event. One of the most basic reasons would be a scheduling conflict or an executive that was scheduled to speak at the conference is no longer with the company. Investors and traders could also find such an event as being a sign that a company has entered a "quiet period" ahead of a major M&A announcement or guidance. Given an elevated environment for M&A activity, particularly in the pharmaceutical space, investors and traders were likely speculating that Perrigo would present a major announcement in the near term.