Shares of Hims & Hers Health (NYSE: HIMS) surged nearly 6% in afternoon trading on Wednesday before paring gains to close the session 1.33% higher.
Barclays drove the rally after turning more bullish on the telehealth company, raising its price target on HIMS to $39 from $29, implying approximately 21% upside from the stock’s last closing price.
The firm maintained its ‘Overweight’ rating on the stock, signaling continued confidence in the company’s trajectory through the remainder of the year.
Barclays attributed its renewed optimism to accelerating growth prospects and signs of improving customer momentum following HIMS’s partnership with Novo Nordisk (NYSE: NVO), announced on March 9.
On that date, Novo Nordisk confirmed it would sell its blockbuster weight-loss drugs Wegovy and Ozempic through the Hims & Hers platform, a deal that has since reshaped investor expectations for the telehealth firm.
Barclays said a combination of strong demand for weight-loss offerings and contributions from other business segments is expected to drive a significant acceleration in both revenue and EBITDA during the second half of 2026.
The brokerage noted that its proprietary and alternative data indicate improving trends since the Novo Nordisk partnership was announced, reinforcing confidence in the company’s near-term growth outlook.
With HIMS shares largely flat year to date, Barclays suggested investors could begin to re-rate the stock as visibility into the back-half growth ramp improves throughout the coming months.
On Wednesday, HIMS shares traded above the $30 level, a key technical resistance area that capped gains in April and triggered selling pressure in the weeks that followed, making a sustained move above that threshold significant for bullish sentiment.
A separate note from Morningstar also pointed to improving momentum at Hims & Hers, with the firm expecting growth to accelerate beginning in the second quarter, citing the timing of the Novo Nordisk collaboration as a primary driver.
Retail traders on Stocktwits echoed the optimism, with sentiment for HIMS improving to ‘extremely bullish’ from ‘bullish’ a day prior, while message volume remained ‘high’ and message activity rose more than 120% over the past seven days.
The watcher count for the stock increased by 0.3% during that same seven-day period, reflecting growing interest among retail participants tracking the company’s developments.
According to data from Koyfin, four of the 16 analysts covering HIMS rate it ‘Buy’ or higher, while 11 rate it ‘Hold’ and one rates it ‘Strong Sell,’ with the 12-month average price target sitting at $26.61, representing potential upside of roughly 18% from the last close.
Despite Wednesday’s momentum, HIMS stock remains down nearly 7% on a year-to-date basis, leaving room for a meaningful recovery if the Novo Nordisk partnership continues to deliver the customer inflection Barclays and Morningstar are projecting.
