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Hims & Hers Skyrockets 172% YTD, Among Hottest Stocks in Red-Hot Last Month

Hims & Hers Health (HIMS) - ★★★★ - Ranked #14 in our Q2 2024 SMID Equity Rankings

Hims & Hers Health Inc. (HIMS), the telehealth platform focused on providing modern treatments for conditions related to hair loss, skin care, sexual health, and more, has seen its stock price skyrocket in recent weeks. The catalyst has been the company's announcement in May that it will begin offering access to a compounded GLP-1 injection for weight loss at the disruptive price of just $199 per month.

Wall Street has taken notice of this disruptive move, with the stock surging over 172% year-to-date and 94% in just the last month. Bullish options traders have also piled in, with some call option contracts soaring over 200% last month.

Heading into Q2, Hims & Hers was already on our radar as the #14 ranked stock in our SMID Equity Rankings with a positive outlook. At the $14.63 price when we published that analysis, our 12-month price target of $18 represented 23% upside potential. The stock has vastly exceeded our expectations, with shares currently trading around $25.

Source : TradingView

While the lofty stock gains have made the valuation richer, Hims & Hers' move into affordable GLP-1 treatments has clearly struck a chord with investors. If the company can execute on this $100 million revenue opportunity while continuing to grow its core telehealth business, further upside could be in store for this disruptive healthcare platform.

This move into the burgeoning GLP-1 weight loss market represents a significant growth opportunity for Hims & Hers. Competing branded GLP-1 treatments like Wegovy, Ozempic, and Mounjaro carry price tags over $1,300 per month. By compounding its own version, Hims & Hers can offer consumers a much more affordable option at $199/month.

The company is projecting the GLP-1 compound could drive over $100 million in new revenue over the next year alone. This would represent meaningful growth on top of Hims & Hers' current 2024 revenue guidance of around $1.2 billion.

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