Stocks in the medtech industry continue to impress as, over the past week, they set a new benchmark amid the COVID-19 pandemic.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week at 95.05 (Oct. 9), marking a 5.9% gain from the 89.73 points registered at the end of the week prior (Oct. 2). As markets resumed on yesterday’s holiday, that number ticked even higher to 95.84, where it sits now.
Last week’s peak and the continued rise to start this week well eclipses the 93.11 points the index registered on Sept. 2, and now sits more than three points ahead of the pre-pandemic high of 92.32, which the market reached on Feb. 19.
By climbing up to 95.84 today, the index now represents a 2.9% rise from the Sept. 2 high point and a 3.8% increase from the pre-pandemic high set on Feb. 19.
Meanwhile, the S&P 500 Index saw a 3.8% gain from Oct. 2 to Oct. 9, having remained somewhat strong since reaching record highs on Aug. 18, also peaking on Sept. 2. It is now nearing that Sept. 2 peak this morning. Meanwhile, the Dow Jones Index fared slightly worse with a 3.3% 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 54.3% 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: