5 Stocks Making Huge Moves this Week

1. Hims & Hers Health Inc. (NYSE:HIMS)

Hims & Hers saw its share prices jump by 57.4 percent week-on-week, with the rally primarily driven by its renewed partnership with Novo Nordisk, as well as analysts’ upgraded price targets for its stock.

In a statement, Hims & Hers Health Inc. (NYSE:HIMS) said that it clinched a new partnership with Novo for a new strategy that would do away with the sale of its compounded versions of the latter’s blockbuster drugs, Wegovy and Ozempic.

Hims & Hers Health Inc. (NYSE:HIMS) said that it would only offer access to its own GLP-1 in cases where the needs of the customers cannot be met using the FDA-approved version, and if a provider determines that a compounded product is clinically necessary.

Following the news, the company earned upgraded price targets and ratings from three investment companies, namely Deutsche Bank, Citigroup, and Bank of America (BofA).

For its part, Deutsche Bank raised its target to $28 from $25 previously, and maintained a “neutral” stance, while Citigroup issued a $24 price target, an improvement from the $13.25 prior.

BofA, on the other hand, gave a $23 price target, markedly higher than the $12.50 previously.

Citigroup and BofA both upgraded their ratings to “neutral” from “sell” and “underperform,” respectively.

While we acknowledge the potential of HIMS to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than HIMS and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

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