Raising its price target on the shares to $21, reports The Fly, BofA nonetheless reiterated an "underperform" ( i.e., sell) rating on Hims & Hers stock. Investors are taking the hint, and doing just that.

The telehealth company has been selling a copycat version of a popular obesity drug during the recent shortage.

Hims & Hers Health acquired a peptide facility to strengthen its U.S. supply chain and meet demand for personalized treatments. Also, in another development, FDA resolves semaglutide injection shortage.

Is Hims & Hers a millionaire-maker in the making? Yes! Or, at least, it can be. There is a possible future where Hims & Hers is a healthcare giant with millions of users. If that happens, I don't doubt the stock could change lives, even after its epic run thus far.

HIMS stock plunged by 18% after the FDA news that resolved a shortage of weight-loss drugs like Ozempic and Wegovy, which previously allowed Hims & Hers to sell compounded alternatives. Compounded versions were permitted during the shortage but are now restricted unless they meet specific exceptions.

What Happened? Shares of telehealth company Hims & Hers Health (NYSE:HIMS) fell 24% in the afternoon session after U.S. Food and Drug Administration (FDA) reported that the shortage of weight-loss drugs such as Wegovy and Ozempic has ended.