Hims & Hers (HIMS) stock popped more than 20% in trading early Tuesday after Novo Nordisk (NVO) announced a partnership with it and other telehealth platforms to offer patients access to the blockbuster weight loss drug Wegovy.

Novo Nordisk's stock was up about 3% in early trading.

Read more about GLP-1 makers' stock moves and today's market action.

Patients will be able to access the popular GLP-1 through Novo Nordisk's online pharmacy, NovoCare, directly from Hims & Hers and telehealth providers Ro and LifeMD.

In recent months, competitor Eli Lilly (LLY) has similarly opened its direct-to-consumer pharmacy to platforms and partnered with Ro to offer vials of Eli Lilly's blockbuster weight loss drug Zepbound. Novo Nordisk's partnership focuses on the injectable pens — the more popular form of the drug.

Hims & Hers said patients can access the drug along with support services through memberships for a bundled price of $599 per month. The deal comes just ahead of the company's first quarter earnings report but will not be reflected in the report.

A boost for all

The move could spell good news for both Hims & Hers and Novo Nordisk — for different reasons. Novo Nordisk has been pressured in competition with Eli Lilly in the obesity space, while Hims & Hers has faced questions about its business model as access to compounded products declined.

"A prudent decision to have HIMS help its cause rather than fight against the share-taking ability of the telehealth players. NVO has been losing share in the GLP-1 market to LLY almost every week for three months and encouraging to see management take steps to fight against competitive pressures," wrote Mizuho healthcare sector expert Jared Holz in a note to clients Tuesday.

Hims & Hers stock has seen sharp declines, down 45% since reporting earnings earlier this year, as a result of trading on access to compounded GLP-1s. It and several other telehealth platforms, including Ro, have been caught in the tug-of-war between compounding pharmacies and the GLP-1 drugmakers.

Compounders were allowed to provide copycats of the branded drugs when Eli Lilly's and Novo Nordisk's drugs were in short supply. The FDA has since declared the shortage over, and compounders are suing to continue offering the products.

"The stock is beginning to look interesting following a sharp correction. Key to reversing negative sentiment will be demonstrating continued momentum in the core and gaining visibility into weight loss revenue," Morgan Stanley analysts wrote in a note to clients Tuesday, based on app downloads and web traffic.