Competitive ThreatsAmazon's entrance into these markets signals growing competition for customers and is expected to impact the prices that HIMS can charge, HIMS' ability to grow and capture new customers, and HIMS' LTV/CAC.
Investor SentimentThe vast majority of investors lean negative on HIMS, with sentiment matching elevated short interest that's risen nearly 3X this year to an all-time high of 42.6 million shares.
Market DynamicsSelling branded drugs would make Ro or HIMS effectively a drug distributor and retail pharmacy, and the margin profile for selling the branded drug would be much lower than the compounded versions it currently offers.