Stock Market Today, April 21: Hims & Hers Health Drops as Amazon Unveils Competing Weight Loss Program
Hims & Hers Health (NYSE:HIMS), the consumer-focused telehealth platform, closed Tuesday at $29.76, down 4.03%. The stock declined during the regular session after Amazon (NASDAQ:AMZN) launched a competing GLP-1 weight-loss program, though it has still gained 39.33% in the past week.
Trading volume reached 56.7 million shares, about 50% above its three-month average of 37.8 million shares. Hims & Hers Health IPO'd in 2019 and has grown 204% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) fell 0.63% to 7,064, while the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.59% to 24,260. Within telehealth and online health services, peers Teladoc Health (NYSE:TDOC) fell 1.64% to close at $6.00, and American Well (NYSE:AMWL) finished down 4.54% at $6.31, underscoring sentiment pressures across virtual care names.
What this means for investors
Hims & Hers stock pulled back after posting significant gains in the past five days. The stock had rallied on news that the FDA might shift its peptide policy, and an agreement with Novo Nordisk (NYSE:NVO) that ended a legal dispute between the two over weight-loss drugs.
However, today’s news that Amazon One Medical would move into that same anti-obesity drug space undermined some of the benefits of its agreement with Novo, and caused the rally to falter. Amazon’s same-day delivery could compete with Hims & Hers’ services, and undermine a core part of its business.
Investors will be watching Amazon’s new offer and its potential impact on Hims revenue and subscriber numbers when Hims & Hers announces its Q1 results on May 11.
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Emma Newbery has positions in Amazon and Teladoc Health. The Motley Fool has positions in and recommends Amazon, Hims & Hers Health, and Teladoc Health. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy.
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