Medical-Device Stocks Surge Most Since 2020 After J&J Report
- The quarter’s orthopedics results lift Zimmer Biomet, Stryker
- Needham analyst calls results a ‘positive indicator’ for group
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Shares of Intuitive Surgical Inc., Abiomed Inc. and other medical-device makers rallied Tuesday after Johnson & Johnson reported stronger-than-expected sales from that division of the company.
The S&P Supercomposite Health Care Equipment Index rose 3.5%, marking its biggest gain since April 2020 and offsetting some of the underperformance this year that followed the slowdown of the pandemic. The iShares U.S. Medical Devices ETF also gained the most since April 2020.