Latest news with #JailendraSingh
CNBC
3 days ago
- Business
- CNBC
Hims to cut 4% of workforce amid ban on weight-loss drug copies
NEW YORK, May 30 (Reuters) - Telehealth platform Hims & Hers (HIMS.N), opens new tab will cut 68 employees, or about 4% of its workforce, as it adjusts to a U.S. ban on manufacturing mass copies of the weight-loss drug Wegovy. A U.S. Food and Drug Administration ban on compounded copies of Wegovy, made by Novo Nordisk ( opens new tab, took effect on May 22. Hims shares have since dropped 14%. The company confirmed the job cuts in a statement on Friday. On Saturday, it said that the reductions were not related to the compounding ban. Hims did not provide details about the roles that were cut, but said they were implemented across teams. "These changes are focused on sharpening how we execute, without affecting our priorities or the specialties we're committed to," a company spokesperson said regarding the layoffs. Hims still plans to hire for roles related to its long-term growth strategy. The company recently announced an agreement with Novo to help patients access brand-name Wegovy. It plans to enter the market for low testosterone and menopause treatments and is looking at offerings to improve longevity and sleep. Bloomberg News reported the job cuts earlier on Friday. In 2022, the FDA declared a shortage of Wegovy, which has been shown to help patients lose around 15% of their body weight. That declaration allowed compounding pharmacies to produce the drug to meet demand. Hims began offering copies of Wegovy in 2024, often at far lower prices than the brand-name version. That boosted subscriptions to the Hims telehealth platform, with revenue up 111% on a yearly basis during the first quarter of 2025. Wegovy copies and similar GLP-1 weight-loss drugs accounted for $200 million of the company's $1.5 billion revenue in 2024. The FDA in February said Wegovy was no longer in shortage and ended the exception that allowed sale of mass compounded copies of the patented medication. Hims and its rivals have pivoted to what they say are customized copies of Wegovy that should not be subject to the FDA decision, featuring smaller doses or allowing for a more individualized plan for increasing dosage than offered by Novo. But analysts said that personalization strategy may not be enough to stave off new legal challenges from Novo. "It remains to be seen whether HIMS method of personalization (titration and dosage) is enough to meet the compounding clinical exemption need," said Jailendra Singh, a healthcare analyst at Truist.
Yahoo
4 days ago
- Business
- Yahoo
Hims to cut 4% of workforce amid ban on weight-loss drug copies
By Amina Niasse NEW YORK (Reuters) -Telehealth platform Hims & Hers said on Friday it will cut 68 employees, or about 4% of its workforce, as it adjusts to a U.S. ban on manufacturing mass copies of the weight-loss drug Wegovy. A U.S. Food and Drug Administration ban on compounded copies of Wegovy, made by Novo Nordisk, took effect on May 22. Hims shares have since dropped 14%. The company said it is seeking new opportunities for growth, including an agreement with Novo to help patients access Wegovy. Hims plans to enter the market for low testosterone and menopause treatments and is looking at offerings to improve longevity and sleep. "These changes are focused on sharpening how we execute, without affecting our priorities or the specialties we're committed to," a company spokesperson said regarding the layoffs. Hims still plans to hire for roles related to its long-term growth plans. Bloomberg News reported the job cuts earlier on Friday. In 2022, the FDA declared a shortage of Wegovy, which has been shown to help patients lose around 15% of their body weight. That declaration allowed compounding pharmacies to produce the drug to meet demand. The FDA in February said Wegovy was no longer in shortage and ended the exception that allowed sale of mass compounded copies of the patented medication. Hims began offering copies of Wegovy in 2024, often at far lower prices than the brand-name version. That boosted subscriptions to the Hims telehealth platform, with revenue up 111% on a yearly basis during the first quarter of 2025. Wegovy copies and similar GLP-1 weight-loss drugs accounted for $200 million of the company's $1.5 billion revenue in 2024. Hims and its rivals have pivoted to what they say are customized copies of Wegovy that should not be subject to the FDA decision, featuring smaller doses or allowing for a more individualized plan for increasing dosage than offered by Novo. But analysts said that personalization strategy may not be enough to stave off new legal challenges from Novo. "It remains to be seen whether HIMS method of personalization (titration and dosage) is enough to meet the compounding clinical exemption need," said Jailendra Singh, a healthcare analyst at Truist. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
15-05-2025
- Business
- Business Insider
Truist Financial Sticks to Its Hold Rating for Hims & Hers Health (HIMS)
Truist Financial analyst Jailendra Singh maintained a Hold rating on Hims & Hers Health (HIMS – Research Report) yesterday and set a price target of $45.00. The company's shares closed yesterday at $61.12. Confident Investing Starts Here: Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter Singh covers the Healthcare sector, focusing on stocks such as Evolent Health, Hims & Hers Health, and Icon. According to TipRanks, Singh has an average return of -15.3% and a 31.45% success rate on recommended stocks. Currently, the analyst consensus on Hims & Hers Health is a Hold with an average price target of $45.54, a -25.49% downside from current levels. In a report released on May 7, Deutsche Bank also maintained a Hold rating on the stock with a $43.00 price target. Based on Hims & Hers Health's latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $586.01 million and a net profit of $49.49 million. In comparison, last year the company earned a revenue of $278.17 million and had a net profit of $11.13 million Based on the recent corporate insider activity of 245 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of HIMS in relation to earlier this year. Most recently, in March 2025, Melissa Baird, the COO of HIMS sold 67,687.00 shares for a total of $2,357,969.23.
Yahoo
02-04-2025
- Business
- Yahoo
Why Hims & Hers Health Stock Couldn't Beat the Market Today
Hims & Hers Health (NYSE: HIMS) stock labored mightily on Wednesday, but in the end, it couldn't top the benchmark S&P 500 index. Investor excitement about news of a fresh product launch the previous day was tempered by a lukewarm analyst note regarding the telehealth company's prospects. The great opportunities in the healthcare field now have to do with obesity drugs, of which precious few have been approved specifically for the indication by the Food and Drug Administration (FDA). Hims & Hers not only recognizes these opportunities but has eagerly jumped on them. Earlier this year, during a shortage of such drugs, it took advantage of a legal loophole that allowed it to (briefly) sell compounded semaglutide to its customers. This is the molecule behind Novo Nordisk's white-hot Wegovy weight-loss injectable. That shining moment was over nearly as soon as it began since the shortage was soon declared to be over. Undaunted, on Tuesday, Hims & Hers announced it is to offer branded versions of tirzepatide -- the molecule in the other FDA-approved obesity jab, Eli Lilly's Zepbound. It's also gearing up to sell biosimilars of Novo Nordisk diabetes treatment liraglutide. Investors plowed into Hims & Hers stock that day, but Wednesday was a different story. Pouring cold water on the company, Truist Securities analyst Jailendra Singh reiterated his hold recommendation on the stock in a new research note. According to reports, Singh speculated that much of the excitement was due to the erroneous assumption that the tirzepatide arrangement is a formal collaboration between Hims & Hers and Eli Lilly (it isn't). Although he believes the new products will help boost the company's fundamentals, he doesn't feel they'll make a monster difference. Before you buy stock in Hims & Hers Health, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Hims & Hers Health wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $675,119!* Now, it's worth noting Stock Advisor's total average return is 817% — a market-crushing outperformance compared to 163% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of April 1, 2025 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Novo Nordisk. The Motley Fool has a disclosure policy. Why Hims & Hers Health Stock Couldn't Beat the Market Today was originally published by The Motley Fool Sign in to access your portfolio
