Why Perrigo Company plc (PRGO) Soared on Friday

We recently compiled a list of the Wall Street Optimism Spills Over to These 10 Stocks on Friday. In this article, we are going to take a look at where Perrigo Company plc (NYSE:PRGO) stands against the other stocks.

Wall Street finished the trading week stronger, posting gains by more than 1 percent after slipping into the negative territory at intra-day trading following a clash between US President Donald Trump and Ukrainian leader Volodymyr Zelensky at the White House.

Following the televised meeting, the two leaders concluded the encounter without a deal for joint development of mineral resources.

The Dow Jones jumped by 1.39 percent, the S&P 500 surged by 1.59 percent, and the Nasdaq soared by 1.63 percent.

The broader market optimism spilled into individual stocks, with 10 companies ending the trading session with strong gains. In this article, we have detailed the reasons behind their impressive performance.

To come up with Friday’s top gainers, we considered only the stocks with $2 billion in market capitalization and $5 million in daily trading volume.

A doctor and a patient discussing the benefits of OTC health and wellness solutions.

Perrigo Company plc (NYSE:PRGO)

Perrigo Company plc (NYSE:PRGO) saw its share prices on Friday soar by 20.18 percent to end at $29 each as investor sentiment was fueled by the company beating analyst estimates for its fourth-quarter earnings performance.

In a statement, Perrigo Company plc (NYSE:PRGO) reported earnings per share of $0.93 in the fourth quarter of the year, beating analyst estimates of $0.92.

Earnings, however, were weak, as net loss widened by 38 percent to $44.5 million from $32.3 million in the same quarter of 2023, as net sales dipped by 1.5 percent to $1.138 billion from $1.156 billion.

Meanwhile, net loss in the full year of 2024 soared by 1,252 percent to $171.8 million from $12.7 million in 2023, as net sales dropped 6 percent to $4.373 billion from $4.655 billion in 2023.

Overall PRGO ranks 1st on our list of Friday’s top gainers. While we acknowledge the potential of PRGO as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PRGO but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock

Disclosure: None. This article is originally published at Insider Monkey.