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Stock Track | Hims & Hers Stock Soars After Positive Outlook on Weight Loss Product Demand

Stock Track10-05

Shares of Hims & Hers Health Inc. (HIMS) surged 5.32% in after-hours trading on October 4, 2024, following a report suggesting the company's compounded weight loss product sales could remain strong despite the resolution of branded drug shortages.

According to Truist analyst reports, the FDA has determined the shortage of Eli Lilly's weight loss drug Mounjaro has been resolved. However, Hims & Hers asserts that demand for its compounded GLP-1 weight loss offering could continue even after the supply shortages ease, as long as the company operates within compounding regulations and respects branded drug patents.

The analyst notes that Hims & Hers' third-quarter 2024 revenue is expected to exceed the company's guidance range of $375 million to $380 million by approximately $5 million to $10 million. Additionally, the average transaction price for the company increased 14% sequentially to $126.9 in Q3 2024, with net orders rising 3% from the previous quarter.

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