Hims & Hers Health (NYSE:HIMS) stock has had a curious run in 2025. The first half of the year was marked by a massive 35% single-day plunge, sparked by Novo Nordisk’s sudden decision to cut ties with the telehealth company. The Danish drugmaker accused Hims & Hers of engaging in misleading marketing and distributing unauthorized compounded versions of its blockbuster weight-loss drug, Wegovy.
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Despite the controversy, the stock has staged an impressive rebound, with shares up 108% year-to-date and now hovering around $50. The rally has been driven by strong quarterly results and growing momentum in the company’s weight-loss offerings.
Looking ahead, all eyes now turn to the company’s upcoming Q2 earnings report, slated for August 4. Truist analyst Jailendra Singh expects results to land mostly in line with expectations, noting that current forecasts already reflect the high end of HIMS’ guidance. He projects revenue of $549.4 million and adjusted EBITDA of $74.4 million, closely aligned with Street consensus and the company’s provided range.
However, Singh also flags some cautionary signals. The analyst anticipates a slight dip in online revenue per subscriber compared to Q1, attributing it to seasonal trends and reduced reliance on commercially available Semaglutide. Q1’s outperformance, after all, benefited from one-off drivers like the Super Bowl ad and the initial buzz around HIMS-branded weight-loss offerings.
That brings up the bigger question: where does HIMS go from here in the second half of the year? While some investors worry about a potential guidance cut following the Novo fallout, others are optimistic about a lift tied to the recent acquisition of European telemedicine provider Zava. Singh, for his part, remains cautious. The analyst believes a 2H ramp may be difficult unless Zava or other acquisitions begin to meaningfully contribute. Still, he doesn’t expect management to revise guidance just yet, preferring to wait and assess the impact of new initiatives in Q3.
As for upcoming developments to watch, Singh cites updates on a possible lawsuit from Novo Nordisk (which would be negative), new product launches in testosterone and menopause treatments (positive), and further M&A activity (also positive).
“From additional M&A point of view, a transaction giving the company entry into the employer/payor market will be transformational and has potential to change the narrative,” Singh further said.
What to Do with HIMS Stock Now?
Singh is sticking with a Hold (i.e., Neutral) rating, nudging his price target up from $45 to $48, which still suggests ~5% downside from where the stock is currently trading. (To watch Singh’s track record, click here)
And he’s not alone in that cautious stance. The broader analyst community is mostly on the sidelines too, with 7 Holds, 2 Sells, and just 1 Buy – all coalescing to a Hold consensus rating. Based on the average price target of $41.78, the Street sees the stock pulling back by 17% over the next year. (See HIMS stock forecast)
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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.