Why Hims & Hers Stock Just Got Destroyed
Hims & Hers Health (NYSE: HIMS) stock crashed 25% through 10:45 a.m. ET Monday morning after an eventful weekend.
On Thursday, the telehealth company announced it would begin selling a compounded version of Wegovy in pill form, for $49 per month. Hims & Hers doesn't manufacture "Wegovy." Novo Nordisk (NYSE: NVO) does, charging $149 per month for Wegovy (Ozempic) in pill form, and $199 injectable.
Novo wasn't at happy about this, and said it planned to sue Friday. That same day, the U.S. Food and Drug Administration said it would also crack down on Hims & Hers, potentially cutting off access to ingredients the company needs to manufacture Ozempic copycats or seizing Hims & Hers products.
Source Fool.com
