Last Call: Wright Medical Group heads to higher close
NEW YORK—Shares of Wright Medical Group Inc. surged Friday, after an analyst upgraded the medical device maker after it reported a 27 percent rise in its first-quarter profit.
The stock advanced $3.86, or 15.6 percent, to finish at $28.60.
After Thursday's closing bell, Wright Medical posted domestic and international sales growth, fueling quarterly profit, helped partly from weakness in the U.S. dollar.
"This quarter's sales results ... were driven by the outstanding sales performances of both our domestic business, which grew by 20 percent this quarter, and our international business, which grew by 27 percent," President and Chief Executive Gary D. Henley said in a statement.
Leerink Swann & Co. analyst Jason Wittes upgraded the stock to "Outperform" from "Market Perform" and forecast gains from the company's extremities business.
"Wright Medical continues to build this business through acquisitions, at which it has thus far proven adept," Wittes wrote in a client note.
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