GoodRx Holdings Inc (NASDAQ:GDRX) shares are pulling back Tuesday morning, as investors potentially take profits following Monday’s surge. The stock had jumped over 30% Monday after the company announced a new partnership with Novo Nordisk to expand access to popular GLP-1 medications.
What To Know: Under the new program, GoodRx will offer all strengths of Ozempic and Wegovy to eligible self-paying patients for a fixed monthly price of $499. The company says the discount is available immediately through GoodRx’s platform at over 70,000 retail pharmacies across the nation.
This move is designed to address the growing demand from a large market of patients who lack insurance coverage for these high-demand weight-loss and diabetes treatments. Recent data indicates that nearly 19 million Americans without insurance coverage have been seeking GLP-1 medications.
The announcement follows similar direct-to-consumer pricing strategies from competitors, such as Eli Lilly’s program for its drug Zepbound. GoodRx’s collaboration with Novo Nordisk aims to improve the affordability and accessibility of these crucial brand-name drugs, potentially capturing a significant portion of the self-pay market.
The market will be watching to see if this strategic move can translate into sustained long-term growth for GoodRx, despite the initial profit-taking seen early Tuesday.
Benzinga Edge Rankings: Benzinga Edge data provides a mixed but generally weak outlook for GDRX. The stock shows a very low Momentum score of 10.27, indicating poor recent price performance compared to its peers.
Its Value score is also exceptionally low at 7.41, suggesting the stock may be overvalued based on key financial metrics. The Growth score of 39.85 is modest, pointing to less-than-stellar growth prospects, while a Quality score was not available for assessment.
For investors, these technical and fundamental scores present a cautious picture that contrasts with the potential strategic value of the new Novo Nordisk partnership.
Price Action: According to data from Benzinga Pro, GDRX shares are trading lower by 1.56% to $5.04 Tuesday morning. The stock has a 52-week high of $8.80 and a 52-week low of $3.31.
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How To Buy GDRX Stock
By now you're likely curious about how to participate in the market for GoodRx Holdings – be it to purchase shares, or even attempt to bet against the company.
Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.
If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.
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