Using different tests on different datasets, this paper empirically examines how healthcare firms and insiders used the Covid-19 pandemic opportunistically to raise capital and maximize their wealth. The research design consists of three parts. The first part examines biotechnology and Covid-19 related firms’ stock price to the onset on the pandemic using event studies and also examines long-term abnormal returns using the buy and hold abnormal returns (BHAR) approach. We find that the whole healthcare industry, and not just biomedical firms, produced high short-term and long-term abnormal returns. In the second part, we run an ordinary least squares regression and a two-way standard error clustered approach on the healthcare industry within Fama French 17 industries, propensity-matched score sample, and our own hand-collected dataset. Our results show that four industries within the healthcare industry capitalized on the opportunities provided by the pandemic; they are biomedical (SIC: 2836), pharmaceutical preparations firms (SIC: 2834), industrial organic chemicals and electromedical industry (SIC: 2860), and electrotherapeutic apparatus (SIC: 3845). The last section analyzes insider trading activities during three and four quarters before and after the pandemic. Using our collected sample firms and WHO Covid firms’ data, our results confirm that the purchases by insiders significantly increased during the first three quarters after the start of the pandemic. However, this does not last long, and we find strong selling in the fourth quarter after the start of the pandemic.