Stocks in the medtech industry hit a wall two weeks ago, and it’s been a quick drop for them ever since.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week at 91.01 (Oct. 30), marking a 6.4% drop from the 97.02 points registered at the end of the week prior (Oct. 23), although that high point was short-lived as stocks began their descent the following Monday. As markets resumed today, that number ticked up a bit to 92.04.
Last week’s peak saw the index sitting nearly five points ahead of the pre-pandemic high of 92.32, which the market reached on Feb. 19, but it has since sunk below that mark once again.
Medtech’s stock performance mirrored the overall markets, with the Dow Jones Industrial Average dipping -6.5% from Oct. 23–30. The S&P 500 Index fared similarly, dropping -5.6% after having remained somewhat strong since reaching record highs on Aug. 18.
Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 46.5% 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: Women in Medtech special
- Medtech employees favor Biden in final stretch of election campaigns
- The 11 largest medtech employers in 2020, plus what their employees really think
- Exact Sciences to acquire Thrive for $2.15B
- Medtronic paying DOJ $9.2M to settle kickback allegations
- Stryker blows away the forecasts in Q3
- ResMed shares get a boost from Street-beating Q1
- Teleflex records better-than-expected Q3, to buy Z-Medica for $500M