Perrigo Spikes After Rumors It's Withdrawing From Leerink Conference

Shares of Perrigo Company plc Ordinary Shares (NYSE: 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.