TD Cowen lowered the firm’s price target on Hims & Hers to $20 from $30 and keeps a Hold rating on the shares. The FDA indicated it will take decisive action against non-approved GLP-1 drugs, and the Department of Health and Human Services has referred Hims & Hers to the Department of Justice for investigation, the analyst tells investors in a research note. The company over the weekend said it would stop offering compounded oral semaglutide. TD believes the main question for Hims & Hers remains if the company will be able to continue to offer its compounded injectable GLP-1. The firm now sees greater risk to Hims & Hers’ GLP-1 revenue in 2026.
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