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Hims & Hers Health, Inc (NYSE:HIMS) shares are trading lower Thursday after Hunterbrook issued a short report on the stock.
What Happened: Hunterbrook released a bearish report on Thursday, alleging Hims & Hers sells knockoff GLP-1 weight loss drugs and relies on a single supplier with previously unreported ties to fraud and bankruptcy.
Benzinga reached out to Hims & Hers Health for comment on the report and received a response from a spokesperson highlighting a post on the company’s commitment to customer safety and another post on how the company is delivering safe access to GLP-1 injections.
Hunterbrook alleged that Hims sells injections that are not FDA approved like other big pharma options out there such as Novo Nordisk’s (NYSE:NVO) Ozempic and Wegovy. Hunterbrook said the company is able to sell the products through a loophole that allows facilities to sell their own versions of patented drugs during shortages.
Hunterbrook also alleges Hims has partnered with BPI Labs LLC, which it says has a history of FDA scrutiny over potential fraud at the executive level. Hunterbrook noted that one of its media reporters qualified as being eligible for GLP-1 drugs after completing a 4-minute survey with Hims.
The report suggests that Hims could face legal troubles if its “knockoffs” prove to be unsafe or ineffective. Hunterbrook claims a FDA legal expert told its media arm that Hims may have opened itself up to liability with its compounding business.
Hunterbrook operates under two different arms: Hunterbrook Media and Hunterbrook Capital. The former operates as a media outlet publishing investigative and global reporting. The latter arm is a hedge fund, betting on or against some of the stocks on which it reports. Hunterbrook has announced that it has a short position in Hims & Hers Health stock.
HIMS Price Action: Hims & Hers Health shares were down 9.9% at $19.41 at the time of publication, according to Benzinga Pro.
Photo: Mohamed Hassan from Pixabay.
