Citi Reiterates Sell Rating on Hims and Hers (HIMS), Comments on Novo's Wegovy Price Promo: 'We see this as another potential headwind for HIMS

Citi analyst Daniel Grosslight reiterated a Sell rating and $30.00 price target on Hims and Hers (NYSE: HIMS)

The analyst comments "With the end of 503B bulk compounding of commercially available semaglutide today, NovoCare announced a promotion offering cash pay access to Wegovy for $199 for the 1st month (reverting to $499 thereafter). Ro and LifeMD seem to be passing through this pricing on their platforms (LINK, LINK), although as of this writing, it does not seem like HIMS has made any pricing adjustments to its bundle (still priced as low as $599/mo for 6 months). We see this as another potential headwind for HIMS as this may (1) entice consumers to switch from “personalized” compounded semaglutide (priced as low as $165/mo for 12 months), and (2) shift Wegovy volume to platforms offering the 1st month discount."

For an analyst ratings summary and ratings history on Hims and Hers click here. For more ratings news on Hims and Hers click here.

Shares of Hims and Hers closed at $58.00 yesterday.

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