Hims & Hers Health (HIMS) stock jumps 7% after $1.2M board member buyout

TLDR

• Board member David Wells purchased 48,400 shares of HIMS stock for approximately $1.2 million — his first purchase on the open market in nearly five years.
• The purchase sent HIMS shares up nearly 6.8% to $25.46 the next day.
• The HIMS is down more than 21% in 2026, underperforming the S&P 500’s gain of 9.9%.
• The stock fell more than 14% earlier in May after first-quarter results fell short of Wall Street estimates.
• Hims is moving away from combination GLP-1 drugs with Novo Nordisk and Eli Lilly regaining market share.

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Hims & Hers Health (HIMS) Board Member David Wells bought 48,400 shares of HIMS stock on Tuesday at prices between $24.19 and $24.25, spending approximately $1.2 million in total. The purchase pushed his total stake to 224,400 shares and was his first purchase on the open market since August 2021.

Hims & Hers Health, Inc., HIMS

The news moved the markets. HIMS Stock It jumped about 6.8% to $25.46 the day after the disclosure, as investors viewed the insider buying as a vote of confidence.

Wells, the former Netflix CFO who has served on Hims’ board since 2020, has only been selling in recent years — offloading 260,000 shares in February 2024 and another 40,000 shares in November of that year. Becoming a buyer after nearly five years of selling was enough to catch the attention of Wall Street.

Why HIMS struggled in 2026

HIMS stock is down more than 21% so far this year, compared to a 9.9% gain for the S&P 500. That gap tells the story quite clearly.

Earlier in May, the stock fell more than 14% after first-quarter earnings fell short of expectations. The company reported a quarterly loss and revenue that beat Wall Street estimates — not the result investors were hoping for.

The biggest concern for investors was the company’s GLP-1 business. During the shortage of brand-name weight loss drugs from Novo Nordisk and Eli LillyHims grew rapidly by offering cheaper composite versions. Now that supply is back, Novo and Lilly are regaining that market share.

Axis away from mounted GLP-1s

In March, Hems agreed to start selling Novo-branded weight-loss drugs directly through its platform, replacing the combination alternatives it had been offering. A month later, it opened its platform to allow providers to write prescriptions that are filled by independent pharmacies, including LillyDirect.

This is a meaningful shift. GLP-1 combination drugs have become a key part of how Hims positions itself to both patients and investors. Staying away from them while maintaining revenue growth is the challenge the company faces now.

Wells separately received 957 restricted stock units on May 20, in line with standard director stock awards.

As of Wednesday’s close, HIMS was trading at $25.46, up 6.8% on reveal day.