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(Reuters) - Shares of U.S. medical device makers climbed in early trading on Monday as a potential hit from the cardiac benefits of Novo Nordisk's Wegovy was seen as more moderate than initially feared by investors.
"In our view, several bullets were dodged here," Jefferies analyst Matthew Taylor said in a note.
The heart protective benefits of Wegovy obesity treatment are due to more than weight loss alone, according to new data presented by Novo at a major medical meeting on Saturday.
Heart device maker Penumbra was the biggest gainer, up 19%, after the data showed the reduction in risk of non-fatal stroke was not statistically significant over the length of the trial.
"Investors had feared a significant reduction in strokes. That didn't materialize," J.P. Morgan analyst Robbie Marcus said in a note.
Shares of diabetes care device makers Abbott Laboratories, Dexcom, Insulet, Tandem and Medtronic rose between 2% and 8%.
Inari Medical, which also produces surgical equipment, were up 6% in morning trade.
The iShares US Medical Devices ETF rose 2.3%, eyeing its biggest one-day percentage gain since April, days after the fund hit a more than three-year low.
(This story has been refiled to correct syntax in paragraph 1)
(Reporting by Leroy Leo in Bengaluru; Editing by Sriraj Kalluvila)