The sharp recent move in Hims & Hers Health (HIMS) comes after Novo Nordisk agreed to resume selling its weight loss drugs on the platform, ending a public legal dispute and restoring their commercial relationship.

The renewed Novo Nordisk agreement and the appointment of a new Chief Communications Officer come after a volatile stretch, with a 40.88% 1 month share price return followed by a 37.18% 3 month share price decline and a 36.63% 1 year total shareholder return loss. Recent news appears to be testing whether longer term momentum from the 131.06% 3 year total shareholder return is fading or simply pausing.

If you are looking beyond Hims & Hers Health for other fast changing healthcare names tied to technology, this could be a good moment to scan 35 healthcare AI stocks

With Hims & Hers trading at US$22.02 against an average analyst target of US$24.31 and an intrinsic value estimate suggesting a larger discount, you have to ask: is there real upside here, or is the market already pricing in future growth?

Most Popular Narrative: 74.4% Undervalued

Against the last close of $22.02, the most followed narrative on Hims & Hers Health points to a fair value of $86.09, implying a sizeable disconnect between price and what that narrative expects from the business.

Hims & Hers Health isn’t a telehealth gimmick or a GLP-1 hype stock, it’s quietly becoming the top-of-funnel infrastructure layer for healthcare in the United States. It is executing a strategy similar to Amazon, Spotify, and Costco: deliver more value per dollar spent, reinvest scale advantages, and win via customer-centric efficiency.

Curious what kind of revenue trajectory, profit margins, and future earnings multiple support that $86.09 fair value on a $22.02 share price today? The narrative leans heavily on compounding subscription economics, rising monetisation per user, and a long runway in new health verticals, but the exact mix of assumptions is where the real story sits.

Result: Fair Value of $86.09 (UNDERVALUED)

However, you also have to weigh renewed regulatory scrutiny around GLP 1 prescribing, as well as the risk that larger pharma or tech platforms squeeze Hims & Hers on partnerships and pricing.

Another Way To Look At The Price

The SWS DCF model points to a value of $58.32 per share, while the stock trades at $22.02. That still flags Hims & Hers as undervalued, but with a smaller gap than the $86.09 narrative. This raises the question of which set of assumptions you trust more.

Next Steps

Given the mix of optimism and concern in this story, it helps to move fast and look at the underlying numbers yourself so your view is grounded in data and not headlines, then pressure test that view against 3 key rewards and 3 important warning signs

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.