Just when Goldman's long-time Novo Nordisk bull James Quigley likely thought the downside was exhausted, the stock plunged yet again on Thursday after tumbling earlier this week following a dismal sales outlook.

Shares dropped below the six-month base in the stock around the 300 kroner level after telehealth firm Hims & Hers Health rolled out a cheaper copycat version of Wegovy, delivering another blow to the beleaguered Danish drugmaker.

"Today, we're taking the next step in personalized care by introducing a Compounded Semaglutide Pill for weight loss, with introductory plans starting at just $49 for the first month* with a 5-month plan," HIMS wrote in a press release.

HIMS' weight-loss pill comes shortly after Novo launched the Wegovy pill in January for $149 per month.

Last June, Novo terminated its partnership, citing the telehealth company's "illegal mass compounding and deceptive marketing."

On Tuesday, Novo reported a disappointing full-year outlook, warning of a tough year in the GLP-1 market. Besides HIMS, the company faces competition from Eli Lilly's Zepbound, gaining ever-larger market share in the U.S.

Only last week, Goldman analyst Faris Mourad was telling clients that "obesity drugs narrative sentiment is on the rise" and "it's an opportunity to buy the dip."

Goldman's Quigley noted, "FY26 is a reset year with respect to the pricing aspect of the GLP-1 market."