The medtech industry hit further highs in the market last week and the stocks show no sign of stopping their ascent now.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — finished last week at 97.62 (Nov. 6), marking a 7.3% leap from the 91.01 points registered at the end of the week prior (Oct. 30).
This morning, after positive news broke regarding the effectiveness of Pfizer and BioNTech’s COVID-19 vaccine candidate, that total shot up even more, reaching the 100.65-point total at which it now sits. The recent news of Joe Biden’s election as president of the U.S. may have pushed medtech stocks in an upward direction, too.
Prior to today’s leap, last week’s peak saw the index sitting more than five points ahead of the pre-pandemic high of 92.32, which the market reached on Feb. 19, and now it appears the index is leaving any previous high points well behind it.
Medtech’s stock performance mirrored the overall markets, with the S&P 500 Index performing identically to the medtech index, growing by 7.3%. The Dow Jones Industrial Average fared similarly, increasing by 6.9%. Both those indexes have experienced massive jumps today upon the Pfizer/BioNTech news, too.
Medtech’s lowest point during the COVID-19 pandemic remains at 62.13 on March 23. Since then, the industry’s stocks have experienced 57.1% growth in total, as of the end of last week.
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 as earnings season is in full swing:
- The top 5 MassDevice stories of the week
- Stryker to complete Wright Medical buy on Nov. 10
- Oxford chief touts ‘small chance’ of having COVID-19 vaccine ready by Christmas
- Teladoc closes $18.5B Livongo buy
- Novocure closes $575M offering
- BARDA gives Mesa Biotech $13M to develop COVID-19/flu test
- TransMedics beats Street in Q3
- COVID-19 diagnostics boost Hologic in Q4
- Inspire Medical skyrockets on massive Q3 revenue beat
