Truist says FDA GLP-1 adverse events report ‘likely a non-event’ for Hims & Hers

Truist notes that shares of Hims & Hers are weak today in reaction to the FDA’s alert to health care providers, compounders and patients of dosing errors associated with compounded injectable semaglutide products. The FDA alert seems more like a “soft” warning for now, and “likely a non-event at this point” for Hims & Hers, but there is always a risk of increased scrutiny or restrictions in the event the number of adverse events increase, says the analyst, who calls this “very much a possibility given the high consumer demand and number of new entrants.” The firm keeps a Hold rating and $23 price target on Hims & Hers shares, which remain down about 5% at $22.04 heading into Friday’s close.