Leerink sees potential for ‘reset’ in Hims & Hers with Ozempic shortage ended

Leerink notes that the shortage of Novo Nordisk’s (NVO) semaglutide, marketed as Wegovy and Ozempic, has been resolved according to the FDA. For Hims & Hers (HIMS) and the broader GLP-1 compounding space, this development “starts the clock on having unfettered market access to the patented drug,” the analyst tells investors, adding that Hims’ understanding of its legal pathway to selling personalized doses will be “critical” since it has to be the primary mechanism to sell semaglutide going forward. The firm, which sees potential for “a reset in the stock after it had been clearly driven up by excitement over the broader weight loss opportunity,” expects to learn more when the company reports earnings after the close on Monday, February 24, and keeps a Market Perform rating on Hims shares.