What Happened?
Shares of telehealth company Hims & Hers Health (NYSE: HIMS) jumped 9.6% in the afternoon session after JPMorgan initiated coverage on the company with a 'Buy'-equivalent 'Overweight' rating and a $35 price target.
The bank pointed to the company's improving fundamentals and multiple growth drivers as reasons for its positive outlook. Analysts highlighted a key partnership with Novo Nordisk, which they believed marked a turning point for Hims & Hers' weight-loss business. This collaboration specifically targeted the fast-growing market for GLP-1 drugs. JPMorgan's price target suggested a 17% potential upside from where the stock was trading.
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What Is The Market Telling Us
Hims & Hers Health’s shares are extremely volatile and have had 72 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
The previous big move we wrote about was 22 days ago when the stock dropped 3.9% on the news that reports revealed that the US may impose up to 100% tariffs on imports of branded and patented drugs. This potential move would target pharmaceutical companies that have not negotiated deals to lower drug prices in the United States. The news sparked a significant sell-off in the sector, with the Nifty Pharma index declining over 5% as all its constituent stocks traded lower. The concerns were particularly pronounced for international drugmakers who rely on the US market.
Hims & Hers Health is down 7.9% since the beginning of the year, and at $30.78 per share, it is trading 53.5% below its 52-week high of $66.18 from July 2025. Despite the year-to-date decline, investors who bought $1,000 worth of Hims & Hers Health’s shares 5 years ago would now be looking at an investment worth $2,573.
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