Drugmakers found a promising cure for the obesity epidemic and their stocks were rewarded for it. Now, investors are salivating over a new crop of companies tackling a more purely aesthetic problem: baldness. Pattern hair loss affects an estimated 50 million men and 30 million women in the U.S., but there have been no new approved drugs since the late 1990s.
The promise of novel treatments has sent shares of Veradermics, which trades as “MANE,” up nearly 500% since the company went public in February, while Absci’s stock has more than doubled so far in 2026. Cosmo NV also had positive results for an experimental male hair-loss treatment, though its Zurich-listed shares have been weighed down by the success of U.S. competitors. Those who are ineligible for hair transplant surgery — or can’t afford it — are left with two main options: over-the-counter topical minoxidil, the active ingredient in Rogaine, or prescription finasteride, branded as Propecia.
They can come with some debilitating side effects; minoxidil is linked to heart palpitations while finasteride is known to lower sex drive. Wall Street sees new treatments as an untapped goldmine, full of consumers who are willing to pay out-of-pocket for better options, reminiscent of the boom in GLP-1 weight-loss drugs.
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