Hims & Hers Stock Pops on FDA Panel's Peptide Recommendation -- Barrons.com

By Catherine Dunn

Hims & Hers Health is getting a peptides bump, but the stock may be a bit too rich already.

Shares of the telehealth company were trading up roughly 4% Thursday to $33, after a Food and Drug Administration advisory committee voted to add BPC-157, a popular peptide, to a list of ingredients that compounding pharmacies can use.

Hims acquired a peptide manufacturing facility last year, and it's one of the biggest publicly traded firms that stands to gain from regulators allowing more access to peptides.

The substances -- short chains of amino acids -- have become known online for uses like muscle and injury repair, in the case of BPC-157, alongside metabolic benefits and improved focus, among other wellness treatments. Certain peptides that have attracted consumers and online praise also haven't been subjected to much clinical research.

The FDA had restricted compounding pharmacies from using more than a dozen peptides in 2023, pointing to potential safety risks. Health and Human Services Sec. Robert F. Kennedy Jr. has said the move created a black market for peptides, and indicated he wants to change that with a pathway to regulated access. FDA staff scientists, in a report released last month, said they believed the evidence weighed against adding a raft of peptides to the compounding ingredients list.

BPC-157 was the first of seven peptides to go before an FDA advisory committee that's meeting Thursday and Friday. The committee's votes -- on whether to allow each peptide for compounding -- aren't binding on the FDA.

Hims stock was up as much as 12% earlier in the session. The stock rose as doctors and other presenters testified before the panel, and shares popped once the committee voted to permit BPC-157 on the ingredients list. Eight panel members voted yes, six voted no, and one member abstained.

Leerink Partners analyst Michael Cherny said the outcome "is a positive catalyst for the stock" since BPC-157 is "likely one of the more commercially viable" of the seven peptides being reviewed.

Cherny has previously estimated a $2.2 billion annual market for the telehealth industry if all seven peptides are permitted by regulators. Hims could capture 20% of that, he said.

Still, Cherny sees the stock as overvalued. He maintained a market-perform rating and $25 target on the shares, citing uncertainty for Hims in launching a "novel commercial platform" for peptides, though he added there's potential for a "meaningful contribution" to earnings before interest and taxes once Hims scales up.

Hims derives most of its revenue from branded GLP-1 drugs and treatments for things like hair loss, testosterone, and libido.

Most analysts see the stock more than fully valued with an average target of $29, according to FactSet. Peptides could get earnings estimates moving up, but that's most likely a 2027 story.

Write to Catherine Dunn at catherine.dunn@dowjones.com

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July 23, 2026 15:10 ET (19:10 GMT)