Hims & Hers Health Inc. (NYSE:HIMS) is one of the 10 Stocks Making Huge Moves Today.
Hims & Hers extended its winning streak to a third consecutive day on Wednesday, jumping 10.27 percent to close at $25.88 apiece, as investors resumed buying positions after a series of analyst upgrades, thanks to its renewed partnership with Novo Nordisk.
In separate market reports, Deutsche Bank, Citigroup, and Bank of America (BofA) all upgraded their price targets for the stock to $28, $24, and $23, from $25, $13.25, and $12.50, respectively.
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Deutsche Bank maintained its “neutral” stance, while Citigroup and BofA upgraded their ratings to “neutral” from “sell” and “underperform,” respectively.
For its part, BofA’s upgrade followed Novo Nordisk’s withdrawal of its earlier lawsuit filed against Hims & Hers Health Inc. (NYSE:HIMS) in relation to its sale and marketing of compounded versions of the former’s blockbuster drugs, Wegovy and Ozempic.
Earlier this week, the two firms announced the renewal of the partnership, with Hims & Hers Health Inc. (NYSE:HIMS) agreeing to the discontinuation of sale and marketing of the compounded drugs.
Hims & Hers Health Inc. (NYSE:HIMS) said that it would only offer access to its own GLP-1 in cases that the needs of the customers cannot be met using the FDA-approved version, and if a provider determines that a compounded product is clinically necessary.
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