Hims & Hers Health Stock Is Trading Lower Wednesday: Here's Why
Portfolio Pulse from Vaishali Prayag
Hims & Hers Health Inc. (NYSE:HIMS) shares fell after the FDA announced the availability of Novo Nordisk's (NYSE:NVO) drugs Ozempic and Wegovy, which may end the demand for compounded versions that Hims & Hers benefited from.
October 30, 2024 | 8:20 pm
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POSITIVE IMPACT
Novo Nordisk's drugs Ozempic and Wegovy are now available, potentially stabilizing supply and reducing the need for compounded alternatives.
The availability of Novo Nordisk's drugs may stabilize supply, reducing the need for compounded alternatives and potentially boosting Novo Nordisk's market position.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
Hims & Hers Health shares fell 14.31% as the FDA announced the availability of Novo Nordisk's drugs, which may reduce demand for compounded versions that Hims & Hers sells.
The FDA's announcement of Novo Nordisk's drugs being available suggests a potential end to the shortage, which could eliminate the need for compounded versions that Hims & Hers sells, directly impacting their revenue.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 90