Hims & Hers Stock Tumbles as Novo Nordisk Ends Its Wegovy Sales Deal. Can the Telehealth Giant Recover?
The stock's market-beating momentum has come crashing to a halt, following shocking allegations from one of the world's largest pharmaceutical companies.
Up-and-coming telehealth company Hims & Hers Health (NYSE: HIMS) has capitalized on the weight loss drug craze to become one of the market's top performers over the past few years.
However, recently, pharmaceutical giant Novo Nordisk, the maker of popular GLP-1 agonist weight loss drug Wegovy, terminated its sales partnership with the company due to its continued efforts to sell compounded semaglutide, the patented active ingredient in Wegovy.
The stock tumbled over 30% on the news, but is still up nearly 100% over the past year. Will Hims & Hers recover, or is this the beginning of the stock's troubles?
