Why Hims & Hers Health, Inc. (HIMS) Surged On Friday

We recently published a list of Investors Rushed Into These 10 Stocks Today. In this article, we are going to take a look at where Hims & Hers Health, Inc. (NYSE:HIMS) stands against other Friday’s best-performing.

Hims & Hers ended a three-day losing streak on Friday, growing 7.94 percent to finish at $56.56 apiece as investor sentiment was boosted by its pivot into a new strategy to bolster its business.

Part of the scheme included job cuts, which the company embarked on and impacted 68 employees across multiple divisions.

A nurse in a telehealth platform talking with a patient on video call for consultation.

“While not easy, this step reflects our commitment to invest in the areas that will define our future,” a spokesperson from Hims & Hers Health, Inc. (NYSE:HIMS) was quoted as saying in an interview with Bloomberg.

“As part of this broader change, we will continue to actively hire for roles critical to our long-term strategy,” the official added.

The layoffs followed Hims & Hers Health, Inc.’s (NYSE:HIMS) cessation of production of knockoff versions of the blockbuster Wegovy and Ozempic drugs, originally developed by Novo Nordisk, following the Food and Drug Administration’s (FDA) exclusion of the said drugs from its shortage list.

Overall, HIMS ranks 5th on our list of Friday’s best-performing. While we acknowledge the potential of HIMS, 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 10,000x upside potential, check out our report about this cheapest AI stock.

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

Disclosure: None. This article is originally published at Insider Monkey.