(Reuters) – Shares of U.S. medical device makers climbed in early trading on Monday as a potential hit from the cardiac benefits of Novo Nordisk (NYSE:NVO)’s Wegovy were seen as more moderate than initially feared by investors.

“In our view, several bullets were dodged here,” Jefferies analyst Matthew Taylor said in a note.

The heart protective benefits of Wegovy obesity treatment are due to more than weight loss alone, according to new data presented by Novo at a major medical meeting on Saturday.

Heart device maker Penumbra (NYSE:PEN) was the biggest gainer, up 19%, after the data showed the reduction in risk of non-fatal stroke was not statistically significant over the length of the trial.

“Investors had feared a significant reduction in strokes. That didn’t materialize,” J.P. Morgan analyst Robbie Marcus said in a note.

Shares of diabetes care device makers Abbott Laboratories (NYSE:ABT), Dexcom (NASDAQ:DXCM), Insulet (NASDAQ:PODD), Tandem and Medtronic (NYSE:MDT) rose between 2% and 8%.

Inari Medical, which also produces surgical equipment, were up 6% in morning trade.

The iShares US Medical Devices ETF rose 2.3%, eyeing its biggest one-day percentage gain since April, days after the fund hit a more than three-year low.