Med-tech cos rise as 'several bullets dodged' in Wegovy trial data

Penumbra

13/11/2023 14:11

** Medical tech companies such as Penumbra  PEN.N , Dexcom
 DXCM.O , Abbott  ABT.N  and Inari Medical  NARI.O  rise between
1-11% premarket
    ** iShares U.S. Medical Devices ETF  IHI.P  up 1.4% at
$46.41 premarket
    ** Analysts say data for cardiovascular benefits for Novo
Nordisk's  NOVOb.CO  weight loss drug Wegovy is better than
feared for medical technology cos 
    ** Brokerage Jefferies says "there was not a 'massive' early
benefit that payers might look for" in overall major adverse
cardiac events like death, non-fatal stroke and heart attack
    ** "In our view, several bullets were dodged here" -
Jefferies
    ** "Investors had feared a significant reduction in strokes;
that didn't materialize," says J.P. Morgan, boosting shares of
Penumbra and Inari, which make devices for treatment of strokes
    ** J.P. Mogran adds that "many are taking the trial as an
incremental negative" for diabetes care devices, and expect PODD
to see the least impact from the data


 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; https://twitter.com/LeroyLeo7;))