Stock Market Today, April 16: Hims & Hers Health Jumps on FDA Review of Compounded Peptide Therapies
Hims & Hers Health (NYSE:HIMS), a consumer-focused telehealth platform offering prescription and non-prescription health products, closed Thursday at $26.98, up 11.07%. The stock moved higher as investors reacted to the FDA’s decision to review compounded peptide therapies. Trading volume reached 74.6 million shares, about 111% above its three-month average of 35.3 million shares. Hims & Hers Health IPO'd in 2019 and has grown 175% since going public.
How the markets moved today
S&P 500 added 0.23% to finish Thursday’s session at 7,039, while the Nasdaq Composite rose 0.36% to close at 24,103. Across telehealth and online health services, peers were mixed: Teladoc Health closed at $5.82 (up 5.05%), while American Well ended at $6.05 (down 3.04%).
What this means for investors
Hims & Hers Health stock rose 11% today following Health and Human Services Secretary Robert Kennedy Jr.’s announcement that the Food and Drug Administration may remove 12 peptides from its Category 2 restrictions. This decision could clear a path for companies like HIMS to offer these peptides to the public. Currently, this is more of a “gray” market.
Early in 2025, HIMS purchased a peptide manufacturing facility in California, so it seems well-positioned to benefit should the peptide therapies receive full regulatory clearance. Following the news, a Bank of America analyst reiterated their neutral rating on HIMS stock, but raised their price target from $21 to $25, as they believed the company’s manufacturing capabilities could also be converted from GLP-1’s to peptides, adding an additional tailwind.
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Bank of America is an advertising partner of Motley Fool Money. Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Hims & Hers Health and Teladoc Health. The Motley Fool has a disclosure policy.
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