The medtech industry hasn’t reached the heights of early September but continues to tick back up over time in the stock market.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week at 89.73 (Oct. 2), marking a 1.9% gain from the 88.05 points registered at the end of the week prior (Sept. 25).
Stocks climbed as high as 90.99 points on Sept. 30, but, in the end, could not reach the peaks set in previous weeks, having hit 93.11 points on Sep. 2, nearly a full point ahead of the pre-pandemic high of 92.32, which the market reached on Feb. 19.
By climbing up to 89.73, the index now represents a -3.6% drop from the Sept. 2 high point and a -2.8% drop from the pre-pandemic high set on Feb. 19.
Meanwhile, the S&P 500 Index saw a 1.5% gain from Sept. 25 to Oct. 2, having remained somewhat strong since reaching record highs on Aug. 18, also peaking on Sept. 2. Meanwhile, the Dow Jones Index fared slightly better with a 1.9% 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 44.4% 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:
- The top 5 MassDevice stories of the week
- Feds target Medtronic in ventilator antitrust investigation
- Federal rule on ethylene oxide delayed to 2021
- Canada to buy 7.9M COVID-19 tests from Abbott
- Owens & Minor commences $172.5M public offering
- Feds shipping 100M of Abbott’s COVID-19 tests to states
- Smith+Nephew announces $240M buy of Integra extremities business