Citi analyst Daniel Grosslight says competition is ramping in the weight loss drug space after Novo Nordisk (NVO) revealed a new offer for self-pay patients, providing the two lowest doses of Wegovy or Ozempic for $199 per month. The news reflects increasing competition in cash-pay weight loss drug pricing, but Citi is more surprised by the omission of Hims & Hers (HIMS) from Novo’s partners list, the analyst tells investors in a research note. The firm points out that Hims previously stated it was active discussions with Novo to offer Wegovy on its platform. Citi keeps a Sell rating on Hims & Hers with a $30 price target. The stock closed Monday down 4% to $35.58.
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