Canaccord Lowers Hims & Hers Health, Inc. (HIMS) Price Target Patent Amid Dispute and FDA Scrutiny

Hims & Hers Health, Inc. (NYSE:HIMS) ranks among the most shorted stocks to buy according to analysts. Following Novo Nordisk’s lawsuit against Hims & Hers Health, Inc. (NYSE:HIMS), Canaccord Genuity lowered its price target for the telehealth firm from $68 to $30 on February 10, retaining a Buy rating on HIMS shares. Novo claimed that the “unlawful mass marketing” of its semaglutide medications in unapproved forms constituted patent infringement. The lawsuit comes after Hims & Hers Health, Inc. (NYSE:HIMS) made a brief announcement and then changed its position on compounded oral semaglutide being available on its marketplace.

Additionally, the FDA has declared its intention to limit the use of GLP-1 active pharmaceutical ingredients in non-FDA-approved compounded medications widely distributed by companies, specifically Hims & Hers Health, Inc. (NYSE:HIMS). According to analyst Maria Ripps, though the lawsuit increases operational risk, the firm is not yet changing its estimates.

Hims & Hers Health, Inc. (NYSE:HIMS) is a consumer-focused telehealth company. It provides personalized healthcare and wellness services through a digital platform that connects patients with licensed medical professionals. The company offers treatments across various categories, including sexual health, mental health, dermatology, and primary care.

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