Balanced Risk/Reward Amid Peptide-Driven Rally and Regulatory Uncertainty

In a report released today, Craig Hettenbach from Morgan Stanley maintained a Hold rating on Hims & Hers Health, with a price target of $21.00.

Craig Hettenbach has given his Hold rating due to a combination of factors related to both the near-term business outlook and the evolving peptide opportunity. He notes that the recent sharp share price appreciation, driven by enthusiasm around peptide therapies and potential regulatory shifts, has outpaced the company’s underlying core fundamentals.

At the same time, he sees a meaningful but highly uncertain upside tied to the July 2026 FDA advisory committee review and any subsequent policy changes affecting compounded peptides. Because the commercial potential depends on regulatory outcomes, safety considerations, and execution within compounding rules, he views the risk/reward as balanced rather than clearly favorable at current levels.

In another report released yesterday, Bank of America Securities also reiterated a Hold rating on the stock with a $30.00 price target.

Based on the recent corporate insider activity of 148 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of HIMS in relation to earlier this year.