Hims & Hers Health Inc. (HIMS) shares soared over 5% in pre-market trading on Friday, partially recovering from a 24% plunge in the previous session. The rally comes after the company's shares were heavily impacted by Amazon's announcement of new telehealth offerings that would directly compete with Hims & Hers' business model.

Amazon (AMZN) revealed on Thursday that it would offer treatments for over 30 common conditions through its One Medical telehealth service. This new service would allow Amazon Prime members to access free shipping for various health products, including anti-aging skin care starting at $10 per month and hair growth treatments for men from $16 per month.

Hims & Hers Health, a pioneer in the direct-to-consumer telehealth space, specializes in shipping hair and skin treatments to patients. The company's shares initially plummeted on concerns that Amazon's entry into this market could significantly impact its business. However, investors appear to be regaining confidence in Hims & Hers' ability to compete, as evident from the pre-market rebound.