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Market Update for Week of December 5, 2025
The Week at a Glance:
Looking Ahead: A handful of major banks have published recent reports expecting healthcare to outperform in 2026, citing a combination of relative undervaluation, decreasing political volatility, prospects of improved operating efficiency through AI, and an increased focus on M&A due to approaching patent cliffs
All Eyes on the Fed: Major indices traded flat on the week as investors turned their attention to Wednesday’s Fed meeting, where many expect a 25-bps rate cut
Commercial IPOs Remain a Dominant Theme: Saluda Medical’s ~$150.0M raise, aimed at expanding its sales force for its FDA-approved spinal-cord stimulation therapy for chronic neuropathic pain, underscores the ongoing trend of commercial MedTech IPOs leading the market this year
Meet us in San Francisco: DNB Carnegie//Back Bay will be in San Francisco in early January. If you would like to meet with our strategy and finance teams, contact us.