Key Stats for Hims & Hers Stock
- This Week Performance: -4%
- 52-Week Range: $15 to $70
- Current Price: $16
What Happened to Hims & Hers Stock?
Hims & Hers Health (HIMS) stock tumbled more than 50% since the start of 2026, collapsing from a 34.2% gain in 2025 as three compounding blows landed within a two-week window: the FDA’s “illegal copycat” warning on February 7, a Novo Nordisk patent infringement lawsuit on February 9, and an FDA restriction notice on GLP-1 APIs on February 18.
The immediate trigger arrived on February 5, when Hims unveiled a $49 compounded oral semaglutide pill, a direct challenge to Novo Nordisk’s newly launched Wegovy pill, which the FDA swiftly labeled an illegal copycat drug just two days later, forcing Hims to withdraw the product entirely.
However, Hims had built its growth strategy around that pill, having expanded from under $900 million in 2023 revenue to an expected $2.3 billion for full-year 2025 largely through compounded injectable GLP-1 offerings, and the oral pill was widely seen as its next major subscription driver.
Consequently, the market re-rated Hims from a high-growth telehealth disruptor to a company with an uncertain growth runway, with short interest hitting a record high on February 12 and nearly 65% of available shares loaned out for short selling in January, the highest level since October 2025.
Just this Tuesday, Hims responded by announcing a $1.15 billion acquisition of Australian digital health company Eucalyptus, paying $240 million in cash at closing with deferred payments and earnouts through early 2029, sending shares up 7.3% premarket to $16.99 as investors welcomed the international pivot.
Leerink analyst Michael Cherny noted the Eucalyptus deal fits strategically but warned that the future of the compounded GLP-1 category remains the dominant overhang for HIMS, while Needham’s Ryan McDonald flagged that newer offerings like testosterone and cancer screenings alone cannot replace the subscriber growth the oral pill would have generated.
Wall Street’s Take on HIMS Stock
Despite the regulatory and legal chaos, the Eucalyptus acquisition signals Hims is pivoting its growth engine toward international markets, diversifying away from the compounded GLP-1 business that drove both its meteoric rise and its 50%+ collapse in early 2026.
The fundamental case still carries weight, as Wall Street estimates Hims will grow revenue 59% to $2.35 billion in 2025 and expand EBITDA margins from 12% in 2024 to 13.3% in 2025, showing the core business remains structurally profitable even under regulatory pressure.
However, analyst sentiment has turned cautious, with the mean price target sitting at $27.46 against a current price of $15.63 as of February 20, representing 75.7% implied upside, yet only 1 analyst rates the stock a Buy out of 12 with a firm recommendation.
The target spread remains wide, ranging from a $13 floor to a $48 ceiling, reflecting genuine disagreement on whether Hims can replace GLP-1 compounding revenue with international expansion and new verticals fast enough to justify a re-rating.
What Does the Valuation Model Say?
Even with the compounding headwinds, a mid-case valuation model prices HIMS at $30.27, implying a 93.6% total return from current levels by December 2029 at an annualized IRR of 18.7%, suggesting the selloff may have overshot fundamentals.
The core risk is that EPS growth decelerates sharply, with normalized EPS expected to grow just 1.9% in 2025 and 11.9% in 2026 after a 321.7% surge in 2024, leaving little room for error if the Eucalyptus integration disappoints or compounded GLP-1 revenues dry up faster than anticipated.
At $15.63, HIMS looks deeply discounted relative to both analyst targets and model valuations, but the stock remains a wait-and-see until the company reports full-year 2025 earnings and clarifies its path forward without compounded oral semaglutide.
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