Why Hims & Hers Health Stock Is Plummeting Today
Shares of Hims Hers Health (NYSE: HIMS) are falling on Friday. The company's stock lost 23.2% as of 1 p.m. ET and lost as much as 26.1% earlier in the day. The move comes as the S 500 lost 1% and the Nasdaq Composite lost 1.3%.
Hims Hers, one of the most popular telehealth services in the world, is in danger of losing one of its central revenue sources.
The U.S. Food and Drug Administration (FDA) removed semaglutide injection products like the blockbuster drugs Ozempic and Wegovy from its shortage list. The FDA will now begin taking action against "compounders" -- companies that were able to make generic versions of semaglutide drugs due to their shortage -- in the next 60 to 90 days. Only brand-name semaglutide products will be available moving forward unless another shortage occurs.
Source Fool.com
