AI Stocks Dominate Wednesday’s 10 Worst Performers

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

Hims & Hers tumbled by 9.94 percent on Wednesday to finish at $33.36 each as investors continued to sell off positions after earning a rating downgrade from an investment bank recently.

Last week, Bank of America gave the company a higher price target of $22, up by $1 from $21 previously. However, the new price target became a low blow for the firm, being 34 percent lower than its latest closing price.

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 are now having doubts about its ability to sustain its momentum following the Food and Drug Administration’s (FDA) announcement that the bestselling Wegovy and Ozempic, manufactured by HIMS’ competitor Novo Nordisk, are back in sufficient supply and now out from the shortage list.

It can be learned that HIMS has been making a compounded knock-off version of the two treatments that propelled its sales over the past few years.