(Bloomberg) -- GoodRx Holdings Inc. has lost about $3.9 billion in value this month and while its earnings report ended a 10-day rout, the shares remain below their initial offering price.While stock in the telemedicine and drug-pricing comparison software company rose 6.5% Friday to trade above $30, that’s below September’s initial offering price of $33, representing losses for early investors.The once vaunted IPO, co-headed by Doug Hirsch, a former Facebook executive, and software entrepreneur Trevor Bezdek, has been hit by fears of mounting competition from Amazon.com. While the stock is on track for its biggest monthly decline in May, Hirsch said GoodRx’s business is thriving.“There is this perception that there is somehow a reflection between stock price and our performance. Things are going great here and I’m really, really excited about the rest of 2021,” Hirsch said in an interview.One of its top investors is Silver Lake Management LLC, which has backed GoodRx since before its IPO. Others include the banks that led the offering, such as Morgan Stanley and Goldman Sachs Group Inc.Investors have long seen Amazon as a threat to GoodRx’s discount cards and price-comparison platform for prescription medicines, even before the Internet behemoth said Tuesday that it was rolling out plans on its Prime and Pharmacy platforms for customers to compare the costs of drugs online.GoodRx’s prices are lower than Amazon’s nearly 100% of the time, what’s more the Internet giant is trying to make mail ordering prescription drugs stick but its still a tiny fraction of the market, Hirsch said. As for GoodRx, “It’s not just discount prescriptions, it’s mail order, it’s also telemedicine,” Hirsch said.Amazon ThreatWhile a few on Wall Street have shrugged off the threat from the e-commerce giant, Morgan Stanley’s Ricky Goldwasser said investors were right to be concerned.“The market should be paying closer attention to Amazon’s more recent moves and the launch of Amazon Care, which complements its overall prescription strategy,” she wrote in a research note.The company’s $50 million RxSaver acquisition, reported by Bloomberg on Thursday, did little to bolster the stock. First-quarter results “could feed into the bear pushback of defensive M&A,” said SVB Leerink’s Stephanie Davis, who rates GoodRx outperform and recommends investors buy on weakness.Hirsch said the deal was part of a broader hiring binge and more about bringing in people that understood the complicated marketplace for prescription medicines.The company on Thursday reported earnings that met analysts estimates, though it also posted slowing growth in monthly users.GoodRx isn’t the only IPO of late to lose its luster. Others like Jessica Alba’s Honest Co. and dating app Bumble Inc. both dropped below listing prices this week as investors shunned risky assets.“Our business is doing great,” Hirsch said. “I don’t see the storm clouds the market is portraying as bearing down on us.”(Adds co-CEO’s comments, details on other recent IPOs that have lost ground, updates shares.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.