Hims & Hers got a fresh lift after Novo Nordisk described it as one of its most “voluminous” telehealth partners, a signal that investors are reading as more proof the March deal between the two companies is starting to matter. The partnership was set up to offer branded weight-loss drugs, and it has now become part of the case for why Hims stock still has room to move even after a sharp run this month.
The stock has climbed 25% so far this month, even though it is on track to break a four-week winning streak after falling 8% this week. That pullback comes against a weaker longer backdrop too: HIMS has declined 21% over the past year. For investors trying to judge whether the rally is more than momentum, the new language from Novo matters because it points to actual usage, not just a marketing tie-up.
Jamey Millar’s description lands alongside a business that already has scale. Hims had 2.6 million subscribers in the first quarter, up 9% from a year earlier. But the harder question is how much of that growth is being pulled by the Novo relationship rather than by the wider weight-loss market. That answer is still not clean, and it is the main reason traders keep revisiting the name after every new signal.
The company’s model also helps explain why the partnership is being watched so closely. Hims’ GLP-1 users pay $39 for the first month and $149 for following months for access to unlimited clinical consultations, with medication costs excluded. That cash-pay setup becomes more relevant if employer coverage keeps tightening. About 43% of employers covered GLP-1 drugs for weight loss in 2025, a similar share is expected to do so in 2026, and 10% of employers that currently cover the drugs plan to drop that coverage in 2027.
That is the friction in the story. Hims still sells compounded versions in permitted special doses or formulations, even after the March branded-drug partnership, so the business sits between two lanes: direct branded access on one side and compounded supply on the other. At the same time, Novo and Eli Lilly are pushing their own direct cash-pay routes through NovoCare and LillyDirect, which means Hims is not alone in trying to catch patients who lose insurance support.
Barclays last week raised its price target on Hims to $39 from $29 and kept an Overweight rating, while Leerink held a Market Perform rating and a $25 target ahead of the July 23-24 Pharmacy Compounding Advisory Committee meeting. That meeting will review whether seven peptides should be added to the FDA's 503A Bulk List, a decision that could affect the compounded side of Hims’ GLP-1 business. Morningstar said second-quarter results should give a clearer read on how much the Novo tie-up is contributing to subscriber growth and weight-loss demand, and that is the next real test for whether this month’s move in HIMS stock has a harder foundation than a headline.
