New York, February 14, 2026, 13:04 EST — Market closed.
- S&P 500 Health Care index ended Friday up 1.01% at 1,835.92 ahead of a U.S. holiday-shortened week
- Dexcom and Moderna rose after quarterly updates, while biotech names showed fresh FDA risk
- Traders are watching GLP-1 weight-loss drug legal and regulatory fallout, plus Medtronic earnings on Tuesday
U.S. healthcare stocks finished Friday with a firm tone, with the S&P 500 Health Care index last up 1.01% at 1,835.92. (Investing)
The timing matters. U.S. exchanges are shut on Monday for Washington’s Birthday (Presidents Day), leaving investors to carry earnings and FDA headlines into Tuesday’s reopen. (New York Stock Exchange)
In the wider tape, the S&P 500 ended barely higher on Friday while the Nasdaq slipped, after January inflation data came in cooler than expected. Healthcare helped, with Dexcom up 7.6% and Moderna up 5.3% after quarterly results. (Reuters)
Moderna’s move came with a warning attached. The company forecast up to 10% revenue growth in 2026, leaning on international markets after the FDA refused to review its experimental flu shot, citing flaws in trial design; CEO Stephane Bancel said “sustained regulatory uncertainty threatens U.S. leadership in innovative medicines.” (Reuters)
Obesity-drug demand stayed in the spotlight as Novo Nordisk’s Wegovy pill logged 38,220 U.S. prescriptions in its fifth week on the market, based on IQVIA data shared by an analyst. (Reuters)
That trade has also turned into a volatility story for digital health. Hedge fund bets against Hims & Hers hit their highest in at least a year in January, with nearly 65% of available stock loaned out for short selling; short sellers borrow shares to bet the price will fall. “I think it all sprung from the dissolution of the partnership that Hims had with Novo Nordisk,” said Ryan MacDonald, a senior analyst at Needham. (Reuters)
But the GLP-1 fight now has a sharper regulatory edge. The FDA has referred Hims to the Department of Justice over its brief plan to sell a compounded version of Wegovy, Reuters reported, and attorneys said the DOJ could seek an injunction or fines; compounded drugs are custom-made versions typically allowed only in narrow situations such as shortages or patient-specific needs. “If Hims has already stepped back… it’s not clear there’s a case or controversy here,” said James Boiani at Epstein, Becker & Green. (Reuters)
Biotech investors were also reminded how quickly FDA risk can land. Disc Medicine said the agency declined to approve its rare-disease drug bitopertin, and the shares closed down 21%; Truist analyst Danielle Brill said the decision “adds to evidence” of a “meaningful shift in approval standards” for some rare-disease therapies. (Reuters)
On the medtech side, Baxter flagged a tougher 2026 than Wall Street expected, citing uncertainty around its infusion pump business and weaker IV-solutions demand, and shares fell 13% in morning trading on Thursday. “We need to get better. And we are not satisfied with our current performance,” CEO Andrew Hider told analysts. (Reuters)
The next hard check for the group comes quickly when markets reopen. Medtronic is due to report fiscal third-quarter results on Tuesday, February 17, with its release and webcast set for early morning, according to the company’s investor relations calendar. (Investor Relations | Medtronic)
Beyond that, traders will be listening for any new signals from U.S. regulators on vaccines and on compounded copies of GLP-1 weight-loss drugs when the holiday lull ends and Tuesday’s session gets underway.
