Shares of Hims & Hers Health (NYSE: HIMS) are falling on Friday. The company's stock lost 23.2% as of 1 p.m. ET and lost as much as 26.1% earlier in the day. The move comes as the S&P 500 lost 1% and the Nasdaq Composite lost 1.

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

Hims & Hers Health, Inc. (NYSE:HIMS) announced the acquisition of a California-based peptide facility to enhance its domestic supply chain and meet rising demand for personalized medications. The deal’s terms were not disclosed.

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.

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.

Healthcare stock Hims and Hers (HIMS) is sharply lower today but has contrarian potential next week ahead of earnings

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.