A week after topping pre-pandemic highs, the medtech industry’s stocks were brought back down to earth in quick fashion.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week at 89.03 (Sep. 11), marking a -0.3% dip from the 89.29 points registered at the end of the week prior (Sep. 4).
However, the slight dip from week-to-week doesn’t show that, just before the Sep. 4 mark, medtech stocks had reached 93.11 points on Sep. 2, coming in nearly a full point ahead of the pre-pandemic high of 92.32, which the market reached on Feb. 19.
During the week, the index dipped down to 88.22 points, which is the lowest total it has reached since it sat at 87.06 on July 16. By climbing back up to 89.03, the index now represents a -4.4% drop from the Sep. 2 high point and a -3.6% drop from the pre-pandemic high set on Feb. 19.
Meanwhile, the S&P 500 Index saw a -2.5% dip from Sep. 4 to Sep. 11, having steadily climbed since reaching record highs on Aug. 18, also peaking on Sep. 2. Meanwhile, the Dow Jones Index fared only slightly better with a -1.7% dip 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 43.3% 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:
- The top 5 MassDevice stories from the last week
- How the presidential election could affect medtech
- Drug companies agree not to release COVID-19 vaccine until its safe
- Hologic climbs on raised Q4 outlook
- BofA analysts bullish on medtech as surgeries tick up
- Six Georgia residents suing BD over ethylene oxide exposure
- Thermo Fisher to manufacture Inovio’s COVID-19 vaccine candidate