New York, February 14, 2026, 13:04 EST — Market closed.
- The S&P 500 Health Care index finished Friday up 1.01% at 1,835.92, just before a U.S. holiday-shortened week.
- Dexcom and Moderna climbed following their latest quarterly reports. Elsewhere, some biotech stocks faced renewed FDA concerns.
- GLP-1 weight-loss drug legal and regulatory issues remain in focus for traders, with Medtronic earnings coming up Tuesday.
Healthcare shares in the U.S. ended Friday on solid footing. The S&P 500 Health Care index posted a 1.01% gain, closing at 1,835.92, according to 10 .
Timing’s in focus. With U.S. exchanges closed Monday for Washington’s Birthday (Presidents Day), investors have to sit on earnings news and FDA updates until trading resumes Tuesday. 1
The S&P 500 eked out a slight gain Friday, while the Nasdaq closed lower—January’s inflation numbers eased off, coming in softer than forecasts. Healthcare names did some heavy lifting: Dexcom jumped 7.6% and Moderna climbed 5.3% after each reported quarterly figures. 2
Moderna didn’t make its announcement without a caution flag. The biotech is aiming for as much as 10% revenue growth in 2026, turning to overseas markets after the FDA declined to review its experimental flu vaccine, pointing to issues with the study design. “Sustained regulatory uncertainty threatens U.S. leadership in innovative medicines,” CEO Stephane Bancel warned. 3
Obesity drugs kept drawing attention, with Novo Nordisk’s Wegovy pill notching 38,220 U.S. prescriptions in its fifth week available, according to IQVIA data cited by an analyst. 4
Digital health saw a surge in volatility as hedge funds ramped up short bets against Hims & Hers back in January—almost 65% of shares available for borrowing were out on loan to short sellers, the highest level in at least a year. Short sellers, of course, are hoping the stock will drop. “I think it all sprung from the dissolution of the partnership that Hims had with Novo Nordisk,” Needham senior analyst Ryan MacDonald said. 5
The regulatory landscape around GLP-1 has turned more confrontational. According to Reuters, the FDA kicked Hims over to the Department of Justice after the company briefly considered selling a compounded version of Wegovy. Legal experts say the DOJ could go after Hims with an injunction or fines, since compounded drugs—essentially custom-mixed—are only permitted in limited cases like shortages or when tailored to individual patients. “If Hims has already stepped back… it’s not clear there’s a case or controversy here,” said James Boiani of Epstein, Becker & Green. 6
Biotech stocks took a hit after Disc Medicine announced the FDA had rejected its rare-disease drug bitopertin, sending shares tumbling 21%. Truist’s Danielle Brill called the move more proof of what she described as a “meaningful shift in approval standards” for certain rare-disease treatments. 7
Baxter shares tumbled 13% Thursday morning after the company warned that 2026 could shape up to be rougher than Wall Street was banking on, blaming ongoing uncertainty in its infusion pump segment and a slowdown in IV-solutions demand. “We need to get better. And we are not satisfied with our current performance,” CEO Andrew Hider told analysts. 8
The group faces its next test right out of the gate when markets open. Medtronic will post its fiscal Q3 numbers Tuesday, February 17, releasing results and holding a webcast that morning, per the company’s own investor relations calendar. 9
Traders are also set to parse fresh cues from U.S. regulators about vaccines and compounded versions of GLP-1 weight-loss drugs once the holiday break wraps up and trading resumes on Tuesday.
