** Shares of telehealth firm Hims & Hers Health HIMS.N fall 3.5% to $29.82

** Private telehealth co Ro says it will offer single-dose vials of Eli Lilly's LLY.N weight-loss drug, Zepbound, to patients with obesity

** Ro becomes the first alternative platform for lower-cost version of the drug to Lilly's own website

** "Ro being first may result in HIMS being boxed out from the DTC Zepbound channel," Leerink Partners says

** Brokerage adds, "on the other hand, this data point could be seen as a positive for HIMS, as it shows that HIMS could also pursue a similar strategy working with a manufacturer like Lilly"

** In August, Lilly started selling vials of lowest starter dose of Zepbound in the United States through its direct-to-consumer website LillyDirect

** The vials are available for the same price through Ro, the telehealth firm said

** Including session's moves, HIMS shares more than tripled YTD

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))