Stock Market Today, March 9: Hims & Hers Health Soars on Novo Nordisk Weight-Loss Drug Deal
Hims & Hers Health (NYSE:HIMS), a direct-to-consumer telehealth platform, closed Monday at $22.15, up 40.72%. The stock moved higher after announcing a collaboration with Novo Nordisk to sell branded GLP-1 weight-loss drugs. Investors are watching how the shift from compounded to FDA-approved medications affects growth and margins. Trading volume reached 168.1 million shares, about 557% above its three-month average of 25.6 million shares. Hims & Hers Health IPO'd in 2019 and has grown 126% since going public.
How the markets moved today
The S&P 500 rose 0.81% to 6,794, while the Nasdaq Composite gained 1.38% to finish at 22,696. Within telehealth and online pharmacy names, Teladoc Health closed at $5.30 (+4.33%) and American Well finished at $5.55 (+1.65%), trailing Hims & Hers Health’s sharp move.
What this means for investors
Novo Nordisk dropped its patent infringement lawsuit against Hims & Hers after the two agreed to a deal under which Novo’s GLP-1 drug Ozempic would be sold on the latter’s platform, and Hims & Hers would stop marketing compounded versions of GLP-1s. HIMS stock soared 41% on the news today, while NVO inched 3% higher.
Analysts at Needham and Citi responded positively, with the two investment firms raising their price targets on Hims & Hers stock to $30 and $24, respectively. HIMS stock remains down 62% from its 52-week high, but has removed what might’ve been the biggest headwind facing its stock. Now trading at just 20 times forward earnings, the growth stock’s risk-reward ratio is much more appealing now.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hims & Hers Health and Teladoc Health. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.
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