Michael Chi, Chief Commercial Officer of Hims & Hers Health, Inc. (NYSE:HIMS), reported a significant transaction involving the company's stock. On January 24, Chi sold 17,304 shares of Class A Common Stock at an average price of $31 per share, totaling $536,424.
In addition to the sale, Chi exercised stock options to acquire 17,304 shares at a price of $5.01 per share, with a total value of $86,693. These transactions were conducted under a Rule 10b5-1 trading plan, which Chi adopted on March 1, 2024.
Following these transactions, Chi's direct ownership of Hims & Hers Health stock stands at 193,601 shares.
In other recent news, Hims & Hers Health, Inc. demonstrated strong financial health, as the company reported a 77% year-over-year increase in Q3 sales, surpassing $400 million, and an adjusted EBITDA over $50 million. Revenue projections for Q4 2024 range between $465 million and $470 million, indicating a significant year-over-year increase. However, the company faces ongoing challenges with its compounded GLP-1 products due to aggressive defense tactics by pharmaceutical manufacturers, particularly Novo Nordisk (NYSE:NVO), as highlighted by BofA Securities.
Despite these challenges, Hims & Hers Health has received positive feedback from several analysts. BTIG initiated coverage with a Buy rating and a price target of $35.00, citing robust revenue growth, particularly in the GLP-1 and obesity health product categories. Needham & Company raised their price target on Hims & Hers and positioned it as their top pick for 2025 due to the company's diverse growth avenues.
Morgan Stanley (NYSE:MS) also initiated coverage on Hims & Hers with an Overweight rating, acknowledging its potential in the digital health and direct-to-consumer sectors. The company's recent partnership with Eli Lilly (NYSE:LLY) to streamline access to FDA-approved obesity medication Zepbound was also noted as a significant development. These recent developments reflect the ongoing efforts by Hims & Hers to navigate the dynamic health services market.
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