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Medical Device Stocks Rise In Relief After Wegovy Heart Benefits Data


The potential blow to the battered medical device industry from Novo Nordisk’s (NOVOb.CO) weight-loss medication Wegovy was viewed by investors as less severe than they had initially thought, and as a result, shares of the company increased on Monday.

Indeed, the complete results, which were unveiled on Saturday at a significant medical conference, gave experts even more assurance about the drug’s heart-protective qualities.

“We believe key findings could be seen as a marginal positive for some, but not all, verticals within MedTech, especially given currently depressed sentiment,” said Baird analyst Jeff Johnson.

For example, the data demonstrated that over the course of the trial, the reduction in the risk of non-fatal stroke was not statistically significant.

This caused shares of Penumbra (PEN.N), a company that manufactures equipment for stroke patients’ surgeries, to rise 13% in morning trading.

As of the most recent close, its stock had dropped roughly 28% after Novo revealed in August that Wegovy had also demonstrated a definite cardiovascular benefit.

With a 2.3% increase on Monday, the $4.64 billion iShares US Medical Devices ETF (IHI.P) approached its highest percentage gain in a single day since April. As of Friday’s close, the ETF had lost roughly 13% of its value this year.

Between 2% and 8% was gained by the stock of diabetes care device manufacturers Abbott Laboratories (ABT.N), Dexcom (DXCM.O), Insulet (PODD.O), Tandem (TNDM.O), and Medtronic (MDT.N).

The movements on Monday are the most recent indication that investors from a variety of industries are paying close attention to developments with the well-liked new class of diabetes and weight-loss medications known as GLP-1s, which includes Wegovy and Eli Lilly’s (LLY.N) Mounjaro and Zepbound.

“The full detailed results … do not shift our outlook that MedTech device stocks appear broadly oversold,” said Leerink analyst Mike Kratky.

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