Why Hims & Hers Health Inc. (HIMS) Went Down On Tuesday

We recently published a list of 10 Stocks Got Wiped Out. Are You Holding Any? In this article, we are going to take a look at where Hims & Hers Health Inc. (NYSE:HIMS) stands against other worst-performing stocks.

Hims & Hers Health saw its share prices drop by 2.68 percent to close at $53.36 apiece as investors sold off positions amid the lack of catalyst to boost buying appetite.

Just recently, Hims & Hers Health Inc. (NYSE:HIMS) announced a new promotion for the blockbuster weight loss drug Wegovy.

According to the company, eligible customers are now able to access six months of “prescription-only” Wegovy at a new and affordable price for $549 per month. The promotion is currently offered for a limited time.

It can be learned that Wegovy was among the drugs that Hims & Hers Health Inc. (NYSE:HIMS) created a knockoff version following the supply shortage over the past few years.

In the first quarter of the year, Hims & Hers Health Inc. (NYSE:HIMS) said net income expanded by 344 percent to $49.48 million from the $11.13 million registered in the same period last year.

Revenues increased by 111 percent to $586 million from $278 million year-on-year.

Overall, HIMS ranks 10th on our list of worst-performing stocks. While we acknowledge the potential of HIMS, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HIMS and that has 10,000x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.