Hims & Hers Health has blazed a red-hot streak, helped by the growing popularity of weight-loss drugs. But after a massive rally sent Hims stock catapulting more than 200% over a month, its future now looks as uncertain as its semaglutide-making days.

After the FDA removed semaglutide injection products from a shortage list, compounders like Hims have 60-90 days to stop making copies.

Investors are scrambling to adjust, after the telehealth specialist Hims & Hers said it would stop selling an alternative to Novo Nordisk's Wegovy and Ozempic weight-loss drugs. Hims stock stood about 17% lower at under $42.