10 Stocks Record Biggest Double-Digit Drop on Friday

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

Hims & Hers nosedived by 25.79 percent on Friday to finish at $49.28 apiece as investors sold off on news that the supply shortage for US’ bestselling weight loss and diabetes drugs Wegovy and Ozempic has already been addressed.

According to the Food and Drug Administration, supply is currently meeting or exceeding demand, and Novo Nordisk has developed a product inventory to cover future demand.

The news took a hit on HIMS, which has been making a compounded knock-off version of the blockbuster treatments, at a time when it announced the purchase of a plant to manufacture the class of drugs that includes Wegovy and Ozempic.

US regulations allow compounding pharmacies to copy branded medicines that are facing supply shortages. Wegovy and Ozempic have been in shortage in the US for already two years.