Hims tumbles after Novo Nordisk's lawsuit over patent infringement
Shares of U.S. telehealth firm Hims & Hers Health HIMS.N fall 19.7% in premarket trading
Novo Nordisk NOVOb.CO shares up 8%, on track for best day since December; Eli Lilly LLY.N gains 2% premarket
*Novo says it has filed a lawsuit against Hims & Hers for infringing on the Danish group's patents
"Novo Nordisk is asking the court to permanently ban Hims from selling unapproved, compounded drugs that infringe our patents, and is seeking to recover damages," Novo says
HIMS said on Saturday it would stop offering its compounded $49 GLP-1 weight-loss pill after the U.S. FDA threatened action against the co, citing potential violation of federal law
The telehealth firm's launch of its compounded pill on Thursday had briefly sent shares of major weight-loss drugmakers Novo Nordisk and Eli Lilly tumbling
HIMS declined about 29% YTD, underperforming a 1% rise in the S&P 500 .SPX
The average rating of 16 analysts covering the stock is "hold"; their median price target of $33 implies a 43% upside from its last close - LSEG-compiled data
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