Perrigo Company (Nasdaq:PRGO; TASE:PRGO) today joins the Nasdaq 100 Index, as well as the Nasdaq-100 Equal Weighted Index and the Nasdaq-100 Ex-Tech Sector Index. It joins two other Israeli shares on the Nasdaq 100 Index - Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Check Point Software Technologies Ltd. (Nasdaq: CHKP).
Perrigo's share price rose 2.6% on Nasdaq yesterday to $101.51, giving a market cap of $9.46 billion, and rose 0.3% by mid-afternoon on the TASE today to NIS 378.50.
Perrigo is replacing Joy Global Inc. (Nasdaq: JOYG) on the Nasdaq 100.
Perrigo, run by chairman and CEO Joseph Papa, is headquartered in Allegan, Michigan. It acquired Israel's Agis Pharmaceuticals several years ago, which resulted in it being dual-listed on the TASE. The company focuses on over-the-counter generic drugs.
According to "Bloomberg", the average target price for Perrigo by the 16 investment houses covering the share is $107, 5.4% above its current share price. Six investment houses give it a "Buy" recommendation, nine give it a "Neutral" recommendation, and one gives it a "Sell" recommendation. JP Morgan predicts strong growth in the company's consumer health division in the first half of 2012, mainly through the launches of new drugs, and that the share is fully priced at present.
Published by Globes [online], Israel business news - www.globes-online.com - on December 6, 2011
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