Shares of telehealth company Hims & Hers Health Inc. (HIMS) plummeted 16.06% to $18.67 on Tuesday, following news that the lowest dose of Novo Nordisk's weight-loss drug Wegovy became available on the U.S. Food and Drug Administration's (FDA) website.

The FDA website now shows all five dose strengths of Wegovy and all three dose strengths of Ozempic, another GLP-1 drug from Novo Nordisk, are available. Analysts at Leerink Partners noted that while GLP-1 revenue is still a small fraction of Hims & Hers' total revenue, the company's stock seems to be "living and dying by the pace of GLP-1 headlines."

According to Leerink, the risk of headline pressures and the ability to swing in either direction, such as the recent clarification on FDA shortages, will continue to drive unnecessary volatility in Hims & Hers' shares. Despite the session's decline, the stock has more than doubled year-to-date.