Medifast Inc (MED)

Shares of Medifast Inc (MED) dropped by 8.83% from $75.41 to $68.75 in the trading on Wednesday, December 13, 2023. The reason why MED down today is due to a strategic alliance announcement made by LifeMD, Inc. with Medifast. Medifast is collaborating with LifeMD to offer a comprehensive weight management program using LifeMD's virtual care technology. The goal is to address the obesity crisis and capture a growing market projected to reach $100 billion by 2030. Medifast has invested $20 million in LifeMD, supporting the collaboration and purchasing LifeMD's common stock. A recent survey commissioned by Medifast revealed significant consumer interest in prescription weight-loss medication, particularly among those needing to lose more than 35 pounds.