Hims & Hers Health Inc. (HIMS) stock soared 5.11% in the pre-market trading session on Tuesday. This significant surge can be attributed to the initiation of bullish analyst coverage by BTIG.
BTIG initiated coverage on Hims & Hers Health with a "Buy" rating and a price target of $35, citing the company's disruptive approach to healthcare using technology and convenience. The analyst firm praised Hims & Hers for offering access to medications and personalized treatment plans, insulating it from the risk of patients returning to in-person visits.
Furthermore, BTIG highlighted the company's potential for robust revenue growth and increasing demand for its GLP-1 and other obesity health products, such as compounded versions of Novo Nordisk's Wegovy and Ozempic. The firm believes that the compounding trend for GLP-1s is likely to continue, boding well for Hims & Hers Health's future prospects.
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