Investor Jonah Lupton said peptide market forecasts may be "too conservative," citing growing consumer interest.
- Lupton projects the global peptide market could generate $250 billion to $380 billion in annual revenue by 2030.
- If Hims captures 4%-5% market share, peptide revenue alone could reach $10 billion to $19 billion annually, he said.
- Canaccord recently reiterated a Buy rating and $32 price target, calling peptides a potential long-term growth driver.
Shares of Hims & Hers Health, Inc. (HIMS) logged their best day in two months on Monday as growing optimism around peptides gained traction, with one investor projecting that the category could generate up to $19 billion in annual revenue for the company by 2030.
HIMS stock jumped over 12% on Monday to end at $30.17.
Bull Sees Massive Peptide Market By 2030
FirstWave Fund CEO Jonah Lupton said on X that recent peptide forecasts from Canaccord Genuity could ultimately prove "too conservative," although he acknowledged the firm was right to start with modest assumptions given the early stage of the non-GLP peptide market.
Lupton estimates the global GLP peptide market to hit 120 million to 150 million users by 2030 and generate between $200 billion and $300 billion in annual revenue. He believes non-GLP peptides could add another 40 million to 60 million users and contribute an additional $50 billion to $80 billion in annual sales.
"These are big numbers and it's certainly possible I'm being too bullish," Lupton said. He said that if Hims captures just 4% to 5% of the market, peptide-related revenue alone could be between $10 billion and $19 billion annually by 2030.
Lupton also pointed to growing consumer awareness around peptides. "I met up with a couple friends yesterday in Boston and they all want to talk about peptides," he said. "They're not using them yet but they're starting to do research and talk to people with experience." However, he cautioned that important questions remain unanswered, including how much revenue Hims retains from branded GLP products and what margins the company could eventually generate from compounded non-GLP peptides.
The Regulatory Tailwind Behind HIMS' Peptide Push
The comments come after a recent Canaccord Genuity note, which reiterated a ‘Buy’ rating and $32 price target on Hims, implying a 6% upside from current levels. The brokerage said that peptides could emerge as a long-term growth driver as Hims expands into preventive healthcare, longevity-focused treatments and broader wellness offerings.
Canaccord also highlighted the FDA's ongoing review of several compounded peptide substances as a potential catalyst. Greater regulatory clarity could move demand away from unregulated channels and into mainstream healthcare platforms, while expanding access to new consumers, the firm said.
The review stems from the FDA's 2023 restrictions on certain peptide substances after advisers questioned the available safety data. Health and Human Services Secretary Robert F. Kennedy Jr. later has said that greater regulatory clarity could help move consumers away from unregulated markets and into safer healthcare.
Hims Expands Beyond Telehealth And GLP-1s
Hims has already taken steps to position itself for the opportunity. Earlier this year, the company acquired a California-based peptide manufacturing facility to boost its domestic supply chain and support future products focused on metabolic health, cognitive performance, recovery science and preventive care.
The company has also expanded its vertically-integrated healthcare platform through in-house lab testing and the acquisition of digital health platform Eucalyptus, strengthening its presence across major international markets including the U.S., U.K., Canada and Australia.
How Do Retail Traders Feel About HIMS?
On Stocktwits, retail sentiment for HIMS jumped to ‘bullish’ from ‘neutral’ levels a day ago amid a 2,081% surge in 24-hour message volumes.
One user said, “$HIMS $36 tomorrow, $42.69 by Thursday”
View this Stocktwits post
Another user said, “Peptides havn't even started yet, so much room for growth for HIMS and global expansion.”
View this Stocktwits post
HIMS stock has declined 46% over the past year.
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