The stock's market-beating momentum has come crashing to a halt, following shocking allegations from one of the world's largest pharmaceutical companies.

Novo Nordisk cut ties with Hims & Hers, accusing the telehealth firm of promoting Wegovy copycat versions of the weight-loss drug.

Novo Nordisk alleged that Hims & Hers is putting patient safety at risk by selling compounded versions of Wegovy. Novo's ending of its deal with Hims & Hers jeopardizes the healthcare platform's goal to lead the weight loss market.