Hims & Hers (HIMS) Soars 57.4% on New Deal

Hims & Hers Health Inc. (NYSE:HIMS) is one of the 10 Stocks Making Huge Moves this Week.

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.

Hims & Hers (HIMS) Soars 57.4% on New Deal

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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.

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