Hims & Hers Health Stock Hits All-Time Highs: What's Going On?

Hims & Hers Health Inc HIMS shares are soaring Wednesday after the company announced plans to introduce at-home lab testing. Positive analyst coverage may also be boosting the stock. Here’s what you need to know.

What To Know: Hims & Hers Health announced it acquired at-home lab testing facility Sigmund NJ LLC, marketed as Trybe Labs.

As a result of the acquisition, the company plans to offer at-home testing capabilities through the Hims & Hers Health Platform. The new offering is expected to provide deeper insights for customers and enable providers to access data that can help identify risk of disease before it develops.

The at-home testing facility will support blood draws and more comprehensive whole body testing, broadening the company’s ability to offer a range of personalized treatments, supplements and medications. Hims & Hers said it also expects the acquisition to accelerate the company’s expansion into new high-impact clinical categories.

“The healthcare that customers expect and deserve today is on-demand care with treatments designed specifically for them,” said Patrick Carroll, chief medical officer of Hims & Hers.

“Access to richer data allows us to deepen the insights that providers can use on our platform to guide their clinical decisions for each individual patient. At-home lab testing is one more exciting step towards elevating the personal, comprehensive care customers in this country should expect.”

Check This Out: Assessing Hims & Hers Health: Insights From 7 Financial Analysts

Canaccord Genuity analyst Maria Ripps maintained Hims & Hers Health with a Buy rating on Wednesday and raised the price target from $38 to $68 a week ahead of earnings.

Hims & Hers is due to report fourth-quarter financial results after the market close on Feb. 24. Analysts expect the company to report earnings of 10 cents per share and revenue of $469.69 million, according to estimates from Benzinga Pro.

HIMS Price Action: Hims & Hers Health shares were up 21.6% at $71.15, trading at all-time-highs at the time of publication Wednesday, according to Benzinga Pro.

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