BUZZ-Hims & Hers shines bright in a testing year for telehealth stocks

Reuters2024-12-31

** Shares of Hims & Hers Health more than double, while other telehealth firms are set to end the year in declines

** HIMS' shares set for their second straight year of gains helped by co's offering of compounded versions of GLP-1 weight-loss drugs such as Novo Nordisk's Wegovy

** HIMS, Mangoceuticals , WeightWatchers and Teladoc Health offer compounded and branded versions of GLP-1 weight-loss drugs on their platforms

** Soaring demand for weight-loss drugs made by Eli Lilly

and Novo Nordisk have pushed patients to cheaper compounded versions

** Shares of telehealth firms have been volatile this year on "headlines tied to the overall supply availability of all things GLP-1-related," brokerage Leerink Partners says

** Shares of TDOC and LFMD were also hit after Amazon

announced low-cost telehealth services for Prime members; shares of LFMD fell to nearly four-month low

** Shares of HIMS have more than doubled YTD

** Shares of TDOC set for fourth straight year of decline, LFMD down 38.2% vs a ~327% gain in 2023; MGRX down 41% and WW down 85.5% vs a 126.7% gain in 2023

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(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))

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