Economic Uncertainties Batter Trading in These 10 Firms

4. Hims & Hers Health Inc. (NYSE:HIMS)

Telehealth company Hims & Hers dropped its share prices by 8.52 percent on Wednesday to close at $26.95 apiece as investors soured on an investment firm’s conservative rating for the company.

On Wednesday, Bank of America Securities maintained its underperform rating on HIMS but gave the company a price target of $22, an 18-percent downside from the company’s closing price on Wednesday.

According to the brokerage firm, the rating adjustment reflected the company’s slowdown in year-on-year sales growth for March, down 78 percent from the same period a year earlier.

Earlier this year, HIMS saw a spike in sales from the Super Bowl event, but investors are now having doubts about its ability to sustain its momentum following the Food and Drug Administration’s (FDA) announcement that the bestselling Wegovy and Ozempic, manufactured by HIMS’ competitor Novo Nordisk, are back in sufficient supply and now out from the shortage list.

It can be learned that HIMS has been making a compounded knock-off version of the two treatments that propelled its sales over the past few years.