Stocks in the medtech industry maintained their upward trajectory, topping last week’s peak with yet another rise to new heights.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week at 95.66 (Oct. 16), marking a 0.6% gain from the 95.05 points registered at the end of the week prior (Oct. 9). As markets resumed today, that number ticked even higher to 96.37, where it sits now.
Last week’s peak and the continued rise to start this week sees the index sitting more than four points ahead of the pre-pandemic high of 92.32, which the market reached on Feb. 19. By climbing up to 96.37 today, the index now represents a 4.4% rise from that pre-pandemic high.
Meanwhile, the S&P 500 Index saw a 0.2% gain from Oct. 9 to Oct. 16, having remained somewhat strong since reaching record highs on Aug. 18. Additionally, the Dow Jones Index fared slightly worse with a 0.1% gain over the same period of time.
Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 55.1% growth in total.
The industry continues to plug along and businesses continue to operate through the pandemic. Here are some of the major highlights from the past week:
- DeviceTalks Weekly Podcast: A medtech Supreme Court battle and how the “mini-Medtronics” will fare
- The top 5 MassDevice stories of the week
- Medtronic CEO Geoff Martha: ‘Time to be bold and add grit’
- Eargo soars after announcing IPO
- Boston Scientific shares slide after TAVR study results
- Varian shareholders approve Siemens takeover
- Pfizer CEO expects late-November EUA application for COVID-19 vaccine candidate
- HHS gives Cue Health $481M for COVID-19 test