Shares of Hims & Hers Health, Inc. (HIMS) are trading higher during Thursday's premarket session. The reason? The company is cheering on the FDA's plans to clarify the regulatory status of peptide therapies, a move that could open up a significant new business line.

A Regulatory Thaw

Here's the shift: Health Secretary RFK Jr. indicated that the FDA will ease restrictions on peptide injections. This marks a change from earlier rules that had limited their use over safety concerns and a lack of human testing, according to reports.

The FDA now plans to review select peptides in July and may remove them from the high-risk list in the meantime. For companies like Hims that rely on compounding pharmacies, this could unlock a meaningful new revenue stream.

From Gray Market to Regulated Channels

The company said the FDA's move could shift peptide treatments out of the gray market and into regulated channels overseen by healthcare professionals. It added that it is actively exploring ways to expand access in line with FDA guidance, focusing on consumer safety, transparency, and clinical standards.

Hims & Hers said its medical team believes certain peptide therapies hold meaningful potential to help people live healthier lives. The company is building a broader longevity care model that spans treatments, lab testing, and hormonal health.

The Analyst Counterpoint

Not all the news is sunny. Separately, BofA Securities flagged downside risk to 2026 EBITDA, with GLP-1 contribution expected to decline by about 50%.

Analyst Allen Lutz maintained a Neutral rating and cut the price target to $21 from $23. He cited margin pressure from a shift to branded GLP-1 treatments and a higher international revenue mix.

Lutz lowered his 2026 GLP-1 revenue estimate to $516 million from $577 million. He expects 40%–50% of subscribers to convert to branded offerings.

Here's a specific wrinkle: Eucalyptus generates about 90% of its revenue from branded GLP-1 distribution. This could create a 1–2 percentage point EBITDA margin headwind over a half-year period, according to the analyst.

Where the Stock Stands Technically

Let's look at the charts. The stock trades 26.8% above its 20-day simple moving average (SMA), signaling strong short-term momentum. However, it remains 1.9% below its 100-day SMA, indicating an ongoing struggle to reclaim the intermediate trend.

Over the past 12 months, the stock is down 9.87%, reflecting a choppy broader trend despite the recent rebound. It remains well below the $70.43 52-week high and above the $13.74 52-week low, suggesting it's still trading in the lower half of its one-year range.

For traders, a couple of levels to watch:

• Key Resistance: $27.50 — a level where rallies have recently stalled.
• Key Support: $20.50 — near the 20-day SMA area where dip-buying has been showing up.

Earnings on the Horizon

The next major catalyst arrives with the confirmed earnings report on May 11, 2026. Here's what the market is expecting:

• EPS Estimate: 5 cents (Down from 20 cents year-over-year)
• Revenue Estimate: $618.86 million (Up from $586.01 million year-over-year)
• Valuation: P/E of 47.6x (Indicates a premium valuation relative to peers)

The stock carries a consensus Buy rating with an average price target of $25.39. Recent analyst moves include:

• TD Cowen: Hold (Lowers Target to $23.00) on March 27
• Leerink Partners: Market Perform (Raises Target to $25.00) on March 16
• Barclays: Overweight (Raises Target to $29.00) on March 11

Hims & Hers Health shares were up 9.63% at $26.63 during premarket trading on Thursday, according to market data.