Hims & Hers Health Inc. (HIMS) saw its stock plummet 5.19% in pre-market trading on Wednesday, following a surge of 23% the previous day. The initial rally was sparked by Novo Nordisk's announcement of partnerships with telehealth providers, including Hims & Hers, to sell branded versions of its weight-loss drug Wegovy.
However, investor sentiment quickly shifted as analysts raised concerns about Novo Nordisk's ability to regain its lead in the obesity drug market. Despite the new partnerships, Novo Nordisk faces stiff competition from Eli Lilly's Zepbound, which has been gaining market share rapidly. Recent prescription data shows Zepbound commanding over 50% of total prescriptions in the GLP-1 obesity market and growing faster than Wegovy.
The reversal in Hims & Hers' stock price reflects broader market skepticism about the long-term impact of the Wegovy deal. Analysts suggest that while telehealth partnerships may help at the margins, they might not be sufficient to counter Eli Lilly's stronger market position and more promising oral pipeline. This uncertainty has led investors to reassess the potential benefits for telehealth providers like Hims & Hers in the competitive weight-loss drug market.
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