HIMS Stock Set To Test A Crucial Resistance – Is Retail Expecting A Breakout?

In April, the stock faced resistance near $30 and saw selling pressure in the following weeks.

• On Monday, HIMS shares rose as much as $29.97, before dipping to $29.7.
• Retail chatter on Stocktwits indicated traders expected a breakout toward $40 once the $30 to $32 hurdle is cleared.
• Last week, CEO Andrew Dudum said that the company’s Juniper platform was opening up for pre-orders of Novo Nordisk’s blockbuster Wegovy pill in the United Kingdom.

Shares of Hims & Hers (HIMS) jumped more than 11% on Monday, and are on track to test a crucial resistance level as investors debated whether a breakout above the closely watched threshold was imminent.

As of this writing, HIMS shares rose as much as $29.97, before dipping to $29.7. In April, the stock faced resistance near the $30 level and saw some selling pressure in the following weeks.

Source: TradingView<

At the time of writing, HIMS was among the top trending tickers on Stocktwits.

Retail Traders Eye Breakout For HIMS

Retail sentiment on Stocktwits turned ‘bullish’ from ‘neutral’ a day earlier, while message volumes soared more than 90%.

One user said the stock is setting up “beautifully for a breakout.”

View this Stocktwits post

Another user expects HIMS to finally break the “$30-$32 wall” and reach $40s by July.

View this Stocktwits post

HIMS’ Key Updates In June

On Friday, HIMS’ CEO Andrew Dudum announced on X that its recently acquired Juniper platform was opening pre-orders for Novo Nordisk’s blockbuster Wegovy pill in the United Kingdom, a day after the oral version of the GLP-1 drug was approved in the country.

Earlier this month, Hims & Hers appointed Anant Vinjamoori as Chief Medical Officer to help guide the company’s healthcare offerings across areas including weight loss, mental health, sexual health, dermatology, and hormone care.

Prior to the appointment, the telehealth firm completed its buyout of digital health platform Eucalyptus a month ahead of schedule. The acquisition expanded its presence across the U.S., U.K., Australia, and Canada, alongside growing operations in France, Germany, Ireland, Spain, and Japan. 

Hims added that the acquisition reinforces confidence in its long-term targets of $6.5 billion in revenue and $1.3 billion in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 2030. 

HIMS shares are down 13.5% so far this year.

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