After weeks of flirting with the heights hit before COVID-19 ravaged the markets, medtech stocks finally topped the pre-pandemic high last week.
MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — spiked up to 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.
Medtech stocks had hit a previous mid-pandemic high of 91 points last week, hanging around there before the sudden rise to 93.11, which was followed by a quick dip to 90.64 points 24 hours later.
The index dipped from that peak, though, sitting at 89.29 points at the end of last week (Sep. 4). Overall, medtech stocks saw a -1.6% decrease from the 90.78-point total at the same time a week prior (Aug. 28).
The most recent high mark represents a 0.9% rise from the Feb. 19 high point of 92.32, while the tally at the end of the week marks a -3.3% decrease from that pre-pandemic high.
Meanwhile, the S&P 500 Index saw a -2.3% dip from Aug. 28 to Sep. 4, having steadily climbed since reaching record highs on Aug. 18, also peaking on Sep. 2. Meanwhile, the Dow Jones Index peaked on the same day while ultimately falling -1.8% 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 43.7% 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:
- Joe Biden is receiving the most money from medtech employees
- The top 5 MassDevice stories of the week
- Medtronic to save up to $475M a year from restructuring
- Report: Abbott to add 2,000 jobs to produce rapid COVID-19 test
- Stryker may sell certain assets to get Wright Medical acquisition over the line
- HHS ends ventilator contracts with national stockpile filling up
- How the UK is set to regulate medical devices after Brexit