The share prices of medical device companies have been circling the drain this year, as worries over the impact of the new obesity medicines weigh on the stocks.
Since the summer, investors have grown increasingly worried that the new weight-loss drugs from Eli Lilly and Novo Nordisk will bring on vast changes in Americans’ health, which could undermine demand for many of the products sold by medical device companies. Such fears have led to “$370 billion total market cap destruction across U.S. MedTech,” Petrone wrote.
“It remains to be seen, it’s early days,” Wolk said of the obesity drugs’ impact on his company’s medtech business.To identify medical device stocks with room to grow, we screened the iShares U.S. Medical Devices ETF for companies with market values over $5 billion and with average analyst target prices implying the largest potential upside. The idea was to find the medical device stocks that analysts have the most faith in.
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