Why Hims & Hers Health Inc. (HIMS) Went Down On Tuesday

We recently published a list of 10 Stocks Got Wiped Out. Are You Holding Any? In this article, we are going to take a look at where Hims & Hers Health Inc. (NYSE:HIMS) stands against other worst-performing stocks.

Hims & Hers Health saw its share prices drop by 2.68 percent to close at $53.36 apiece as investors sold off positions amid the lack of catalyst to boost buying appetite.

Just recently, Hims & Hers Health Inc. (NYSE:HIMS) announced a new promotion for the blockbuster weight loss drug Wegovy.

According to the company, eligible customers are now able to access six months of “prescription-only” Wegovy at a new and affordable price for $549 per month. The promotion is currently offered for a limited time.

It can be learned that Wegovy was among the drugs that Hims & Hers Health Inc. (NYSE:HIMS) created a knockoff version following the supply shortage over the past few years.

Why Hims & Hers Health Inc. (HIMS) Went Down On Tuesday

A nurse in a telehealth platform talking with a patient on video call for consultation.

In the first quarter of the year, Hims & Hers Health Inc. (NYSE:HIMS) said net income expanded by 344 percent to $49.48 million from the $11.13 million registered in the same period last year.

Revenues increased by 111 percent to $586 million from $278 million year-on-year.

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Disclosure: None. This article is originally published at Insider Monkey.