Five leading health care companies lost over $65 billion in market cap YTD
Data presented by Buy Shares indicates that five selected leading public health care companies have cumulatively lost $65.59 billion in market capitalization. The slump is on a Year-to-Date basis.
Health care companies banking on coronavirus vaccine
Walgreens Boots Alliance is the biggest loser at $21.21billion. CVS Health is the second biggest loser at $20.81 billion followed by Cigna Corp at $13.88 billion.
From the research, Anthem Inc. market capitalization has plunged by $8.91 billion while Cardinal Health had the least loss at $0.78 billion.
Despite the widespread losses, UnitedHealth Group’s market capitalization gained by a massive $16.73 billion. Johnson & Johnson also gained by $3.97 billion during the period under review.
Although the health care sector has registered a decline in market capitalization, several factors might spark a resurgence. According to the research report:
“The health care companies are banking on a possible vaccine to make a rebound in the market. Currently, there are over 70 vaccines under development, and companies that emerge first are likely to benefit from that. For example, Johnson & Johnson’s positive change in market capitalization can be linked to the fact that the company is very active in vaccine searching. Additionally, the stock market is also depending on the vaccines to make a rebound. Positive news regarding the vaccine has seen other stocks make notable gains.”
The research also overviewed the Year-to-Date returns for the selected companies. AmerisourceBergen Corp has the biggest returns at 13.84% followed by UnitedHealth Group at 4.27%. Elsewhere, Walgreens Boots Alliance has the worst returns at -38.47%. CVS Health had the second-worst returns at -22.63%.