Hims & Hers (HIMS) Tumbles 8.86% on Market Bloodbath, Profit-Taking

Hims & Hers Health Inc. (NYSE:HIMS) is one of the 10 Stock Market Casualties You Can’t Ignore Today.

Hims & Hers fell by 8.86 percent on Friday to close at $22.02 apiece, as investors unloaded positions amid a combination of market pessimism and profit-taking, having soared by as much as 88 percent already this month.

The company fell alongside the broader market, with the three major indices on Wall Street all slashing 1 to 2 percent of their value during the day.

Meanwhile, investors took the opportunity to book profits following the previous days’ surge, thanks to Hims & Hers Health Inc.’s (NYSE:HIMS) renewed partnership with Novo Nordisk.

Earlier this month, the two companies revived a previous collaboration that was botched last year after Novo Nordisk accused Hims & Hers Health Inc. (NYSE:HIMS) of deceptive marketing and failing to adhere to the law for continuing to sell its compounded GLP-1 products despite Novo already resolving the shortage of the FDA-approved Wegovy.

Robert Przybysz/Shutterstock.com

As part of the renewed agreement, Hims & Hers Health Inc. (NYSE:HIMS) will no longer actively market and sell its own knock-off treatments and will only offer Novo’s weight loss drugs.

It said, however, that the compounded versions would only be sold to a limited set of customers whose clinical needs cannot be met using the increasingly varied set of commercially available FDA-approved GLP-1s, and only if a provider determines that a compounded product is clinically necessary.

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