Why Is Hims & Hers Health Stock Down 12% Today?

According to a SEC filing on Thursday, CEO Andrew Dudum sold 175,661 shares of the company for an aggregate value of about $11 million.

Hims & Hers Health Inc. (HIMS) stock came under the spotlight on Friday after the company stated in a U.S. Securities and Exchange Commission (SEC) filing that CEO Andrew Dudum had pared his stake in the telehealth company.

According to an SEC filing on Thursday, Dudum sold 175,661 shares of the company for an aggregate value of about $11 million. The share sale comes a day after the company’s new menopause and perimenopause service launch.

The company officially launched the service on Wednesday, providing women with access to tailored treatment plans for symptoms like hot flashes, mood changes, and sleep issues via its digital platform.

Hims & Hers’ shares were down more than 12% in Friday morning’s trade. The HIMS stock was the top trending equity ticker on Stocktwits at the time of writing. Despite Friday’s decline, retail sentiment around the stock remained in ‘bullish’ territory amid ‘extremely high’ message volume levels.

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