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Why is Lifemd Inc (LFMD) Stock down?

We've noticed a 8.39% decline in Lifemd Inc (LFMD) stock during the 2024-06-20 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
04 Jan, 2024:

LifeMD Inc (LFMD) stock dropped by 32.05% due to the introduction of a new weight loss drug delivery technology by Eli Lilly. The pharmaceutical company launched a website called LillyDirect, offering access to weight loss drug prescriptions through telehealth providers. This move is aimed at improving patient access to effective weight loss drugs, including Lilly's recently approved Zepbound. LillyDirect is a novel platform in the pharmaceutical industry, as it enables patients to obtain weight loss drug prescriptions through telehealth services. Eli Lilly's decision to enter this space comes shortly after the FDA approved its weight loss drug, Zepbound. This medication belongs to the class of GLP-1 agonists, which includes other potent and costly drugs like Lilly's Mounjaro, Novo Nordisk's Ozempic, and Wegovy. Eli Lilly's foray into this field has created a competitive environment that impacted LFMD's stock negatively.

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