Here's Why NuVasive, Exelixis, and Natus Medical Fell Today
Shares of some healthcare companies couldn't escape the wrath of COVID-19, the disease caused by the novel coronavirus. NuVasive (NASDAQ: NUVA) closed down 13% on Thursday, while Exelixis (NASDAQ: EXEL) slumped 12% and Natus Medical (NASDAQ: NTUS) dropped a whopping 17%. The broader S&P 500 index only fell 9.5% on Thursday.
It's been a rough week for NuVasive, having also registered a double-digit decline on Monday. Part of the issue is likely that investors are profit taking, with the spine technology company having risen 56% in 2019.
It's likely COVID-19 will have some short-term affects on the rate of spine surgeries performed using NuVasive's minimally invasive lateral systems, but those backs aren't going to fix themselves. The patients will eventually need surgeries, and NuVasive will be there to continue to take market share from traditional spine surgery companies.
Source Fool.com
