10 Firms Heavily Hit by Market Pessimism

7. Hims & Hers Health Inc. (NYSE:HIMS)

Hims & Hers saw its share prices decline by 9.22 percent on Tuesday to close at $31.49 as investors soured on an investment bank’s price target for the company.

On Tuesday, Bank of America raised its price target for HIMS by $1 at $22 per share, but despite the higher target, the figure represented a 30-percent downside from HIMS’ Tuesday closing price.

In addition, Bank of America also assigned an “underperform” rating on HIMS.

Last month, HIMS saw a spike in sales from the Super Bowl event, but investors now doubt that it would sustain its momentum following the Food and Drug Administration’s (FDA) announcement that the bestselling Wegovy and Ozempic by HIMS’ competitor Novo Nordisk are now back in sufficient supplies and out from the shortage list.

It can be learned that HIMS has been making a compounded knock-off version of the two treatments.