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Michael Chi, the Chief Commercial Officer of Hims & Hers Health, Inc. (NYSE:HIMS), executed a significant stock transaction on December 24, 2024. According to a recent SEC filing, Chi sold 17,303 shares of Class A Common Stock at an average price of $27.97 per share, totaling approximately $483,964. This sale was part of a pre-established trading plan under Rule 10b5-1, adopted earlier this year.
In addition to the sale, Chi exercised stock options to acquire 17,303 shares at a price of $5.01 per share, amounting to a total value of $86,688. Following these transactions, Chi holds 193,601 shares directly. These strategic moves are part of Chi's ongoing management of his equity position in the company.
In other recent news, Hims & Hers Health has been in the spotlight following a series of developments. The FDA's resolution of the obesity drug shortage has raised concerns about the impact on Hims & Hers Health, which had been offering compounded versions of such drugs. Morgan Stanley (NYSE:MS) initiated coverage on Hims & Hers Health, citing a revenue compound annual growth rate projection of 30% from 2024 to 2026 and assigning the stock an Overweight rating.
Hims & Hers Health reported a 77% year-over-year increase in Q3 sales, surpassing $400 million, and projected Q4 2024 revenue between $465 million and $470 million. The company also announced a partnership with Eli Lilly (NYSE:LLY) to streamline access to FDA-approved obesity medication Zepbound. Meanwhile, Ro, another digital health company, also partnered with Eli Lilly, which led to a 4% fall in Hims & Hers Health shares.
Canaccord Genuity maintained a Buy rating on Hims & Hers Health, following the company's Q3 results that exceeded market expectations in both revenue and profitability. The company's shares saw an approximate 70% increase in November. Lastly, a report from Hunterbrook Media suggested that Hims & Hers Health could benefit from President-elect Donald Trump's nominee for the FDA commissioner, Dr. Martin Makary, who is currently an executive at a telehealth company selling compounded GLP-1 drugs online.
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