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.

Novo Nordisk shares rallied on Tuesday as a maker of a weight-loss drug alternative confirmed it won’t be selling it for much longer.

Hims & Hers said on Monday that it may no longer be able to sell compounded versions of the weight-loss drug made by Novo Nordisk because its pathway to do so closed when the U.S. FDA declared Friday that the drug's shortage was over.