Hims & Hers crashes 16% as Novo Nordisk sues over Wegovy patent violations

Hims & Hers Health (HIMS) is facing fresh legal and financial troubles after Novo Nordisk filed a patent infringement lawsuit. The company's stock has already dropped sharply, and short sellers are betting heavily against its recovery. Regulatory pressure has also forced HIMS to pull its copycat version of the popular weight loss drug Wegovy from the market.

The legal battle began on February 9-10, 2026, when Novo Nordisk took HIMS to a US court. The lawsuit claims that HIMS violated patents tied to semaglutide, the key ingredient in Wegovy, by selling unauthorised compounded tablets and injections. Novo Nordisk is now seeking a permanent ban on these sales, along with financial compensation for damages.

The lawsuit triggered an immediate market reaction. HIMS shares fell by roughly 16% in a single day. This drop added to a year-long decline of 60%, leaving investors on edge. Short interest in the company has surged, too—rising by about 46% over the past 12 months to 77.5 million shares, or 37% of the available float. Data from S3 Partners shows this short activity hit a 52-week peak as of February 11.

Regulators have also stepped in. HIMS recently withdrew its copycat Wegovy product due to heightened scrutiny. Meanwhile, analysts at S3 Partners predict another volatile swing of plus or minus 14% when HIMS reports its fourth-quarter 2025 results on February 23.

So far, the US Patent Office has not issued any public response, as the dispute remains a court matter rather than a patent office proceeding.

The lawsuit and regulatory challenges have deepened uncertainty around HIMS's future. With a major court case underway and short sellers increasing their positions, the company's stock is likely to remain volatile. Investors will be watching closely when the next earnings report arrives later this month.