Novo Nordisk (NVO) is advancing 4% after the drug maker cut the price of its very popular weight-loss drug, Wegovy, by over 50%. Additionally, the company launched a new online pharmacy from which the drug can be obtained.

The news caused Hims & Hers (HIMS) to sink 9%. HIMS sells lower-cost compounds that incorporate the same active ingredient as Wegovy.

Additional Information About NVO's Moves

Novo Nordisk announced that it planned to start selling all doses of Wegovy for $499 per month, versus the current list price of $1,349 for a 28-day supply.

The firm also noted that it had started NovoCare Pharmacy which it called "a direct-to-patient delivery option that offers cash-paying patients all dose strengths of Wegovy."

Wegovy users will be able to have the drug shipped directly to their homes through NovoCare Pharmacy.

"With NovoCare Pharmacy, patients and prescribers alike have another option that provides convenient access to all doses of real, FDA-approved Wegovy at a reduced cost in our high-quality pen," Dave Moore, Executive Vice President, U.S. Operations and Global Business Development and President of Novo Nordisk said in a statement.

The Recent Price Action of NVO Stock

In the last month, the shares have risen 6%, while they have sunk 16% in the last three months.

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Disclosure: None. This article is originally published at Insider Monkey.