Why Hims & Hers Stock Dropped Today
Hims & Hers Health (NYSE: HIMS) tumbled 5.6% through 12:20 p.m. ET Thursday after Bank of America analysts gave mixed messages on the stock this morning.
Raising its price target on the shares to $21, reports The Fly, BofA nonetheless reiterated an "underperform" (i.e., sell) rating on Hims & Hers stock. Investors are taking the hint, and doing just that.
Hims & Hers stock has been a mega-outperformer for investors, growing more than 600% over the past year, largely on the back of its compounded semaglutide products that mimic the effect of Ozempic and similar weight loss drugs from Big Pharma companies like Novo Nordisk and Eli Lilly. But Hims & Hers' opportunity, which emerged as Novo and Lilly were unable to satisfy demand for GLP-1 products, has also created a risk for the stock, reports BofA.
Source Fool.com
