Hims & Hers Health, Inc. (HIMS) has experienced a significant stock price increase of 10% today, reaching $40.25 per share.
This surge follows a recent trend of strong performance, with the stock rising by 23% earlier in the week after announcing a strategic partnership with Novo Nordisk to distribute the weight-loss medication Wegovy via its telehealth platform.
The partnership allows U.S. consumers to access Wegovy directly through Hims & Hers’ online platform, with patients able to bundle all dosage options of the medication with a Hims & Hers membership for $599 per month.
This collaboration not only enhances access to weight-loss treatments but also underscores Hims & Hers’ ability to form deep partnerships with major pharmaceutical companies.
Hims & Hers is expected to report strong quarterly earnings, with projected EPS of $0.14, representing a year-over-year increase of 180%. Revenue is anticipated to reach $537.85 million, up 93.4% from the same quarter last year. These robust growth expectations have contributed to the positive sentiment surrounding the stock.
The company’s recent stock performance has been supported by high trading volumes, with today’s volume exceeding the average by a significant margin. Institutional investors have also shown interest, with 255 adding shares to their portfolios in the most recent quarter, compared to 172 reducing their positions.
As Hims & Hers continues to expand its offerings and partnerships, its ability to execute on these strategic initiatives will be crucial in sustaining investor confidence and driving future growth.
The stock’s current momentum reflects a combination of its strong financial outlook and the potential for further collaborations in the healthcare sector.