The Impact of COVID-19 on Health Sector Stock Returns

Abnormal returns were analyzed using event analysis during the pandemic to investigate whether the impact of COVID-19 on biotech stocks had significant effects. The results show that stocks have positive returns based on cumulative and abnormal average return findings. The devastating effect of the COVID-19 epidemic on the financial sector is observed in the literature. While investors avoid investing in many industries, they still see the healthcare industry profitable. Investors direct their investments towards the profitable sectors of the period. With this crisis, companies in the health sector increased their returns by taking advantage of the pandemic.