Hims & Hers Health, Inc. (NYSE:HIMS) shares are trading 16% higher Wednesday, adding to gains of more than 35% over the past month. Here’s a look at what’s going on.
What To Know: In late June, shares initially traded lower but later bounced back after Novo Nordisk announced it would no longer be working with Hims & Hers. Because of this, the company will lose direct access to Wegovy via the NovoCare Pharmacy.
In a press release, Novo Nordisk accused Hims & Hers Health of violating laws that ban large-scale sales of compounded drugs disguised as "personalized" treatments and claimed the company used misleading marketing while ignoring patient safety.
"Novo Nordisk is firm on our position and protecting patients living with obesity. When patients are prescribed semaglutide treatments by their licensed healthcare professional or a telehealth provider, they are entitled to receive authentic, FDA-approved and regulated Wegovy," said Dave Moore, executive vice president of Novo Nordisk's U.S. operations.
In early July, shares continued to rise after the company announced a planned Canadian expansion. Specifically, the company announced plans to expand its weight loss program to Canada in 2026.
Last week, Truist Securities analyst Jailendra Singh maintained a Hold rating on Hims & Hers and raised the price target from $45 to $48.
The consensus price target for Hims and Hers is $31.28, with the lowest price target at $10 and the highest price target at $68.
HIMS Price Action: At the time of writing, Hims & Hers stock is trading 16,92% higher at $58.02, according to data from Benzinga Pro.
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