Stock Market Today, Feb. 9: Hims & Hers Health Drops 16% on Novo Nordisk Lawsuit
Hims & Hers Health (NYSE:HIMS), a direct-to-consumer telehealth platform, closed Monday at $19.33, down 16.03%. The stock dropped as news of a lawsuit from Novo Nordisk (NYSE:NVO) came on top of Friday’s regulatory crackdown on non-FDA-approved compounds.
Trading volume reached 143.5 million shares, coming in about 688% above its three-month average of 18.2 million shares. Hims & Hers IPO'd in 2019 and has grown 97% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) added 0.47% to finish Monday at 6,965, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 0.90% to close at 23,239. Among telehealth and online pharmacy peers, Teladoc Health (NYSE:TDOC) closed at $4.98, down 0.60%, and American Well (NYSE:AMWL) finished at $4.29, slipping 3.38% as investors weighed regulatory risks.
What this means for investors
Hims & Hers is down 26.89% in the past five days, hit by a double legal and regulatory whammy. The firm announced over the weekend that it would withdraw its copycat version of the obesity drug Wegovy amid pressure from regulators. It had planned to offer the semaglutide pill at a significant discount.
Today’s Novo Nordisk lawsuit asked the court to ban Hims & Hers from selling the compounded copies of its patented drugs. Last week, the FDA promised to clamp down on the unauthorized use of GLP-1 active pharmaceutical ingredients.
Hims & Hers announced last year that it would shift its focus away from the controversial compounded medicines and towards other conditions and AI health capabilities. This week’s news makes that pivot all the more important.
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Emma Newbery has positions in Teladoc Health. 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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