Why Is Hims & Hers Health (HIMS) Stock Rocketing Higher Today

What Happened?

Shares of telehealth company Hims & Hers Health (NYSE:HIMS) jumped 24.8% in the afternoon session after the company announced the acquisition of Sigmund (marketed as Trybe Labs), which will allow it to introduce home lab testing through its platform. This capability is expected to help its subscribers test and identify diseases with more accuracy. The data generated from these new features is expected to support AI initiatives like MedMatch, which aim to improve treatment recommendations.

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What The Market Is Telling Us

Hims & Hers Health’s shares are extremely volatile and have had 71 moves greater than 5% over the last year. But moves this big are rare even for Hims & Hers Health and indicate this news significantly impacted the market’s perception of the business.

Hims & Hers Health is up 181% since the beginning of the year, and at $70.72 per share, has set a new 52-week high. Investors who bought $1,000 worth of Hims & Hers Health’s shares 5 years ago would now be looking at an investment worth $7,002.

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