$Hims & Hers Health(HIMS.US) has dropped more than four percentage points. The regulatory shadow over the compound weight-loss drug business has never dissipated; it's the first to get hit at the slightest sign of trouble 😥. $Eli Lilly(LLY.US), $Johnson & Johnson(JNJ.US), $Pfizer(PFE.US), and $Nuvalent(NUVL.US) are all flat and unmoved. On days when the VIX spikes, big pharmaceutical companies play the role of ballast. Both are in the pharmaceutical industry, but the market has voted with volatility between business models carrying regulatory risk and those with stable cash flow.