Why Is Hims & Hers (HIMS) Stock Soaring Premarket Today? Novo Nordisk Deal Report

Shares of Hims & Hers Health, Inc. (NYSE: HIMS) exploded higher in premarket trading on Monday, March 9, 2026, surging more than 44% after Bloomberg reported that Novo Nordisk plans to sell its blockbuster obesity drugs through the telehealth company’s platform. The report, citing a person familiar with the matter, indicated the two companies could announce the partnership as early as Monday, a stunning reversal after months of escalating legal conflict.

The development marks a dramatic shift in the relationship between the two firms, which had descended into a patent lawsuit just weeks earlier, and sent HIMS shares rocketing from a Friday close of $15.88 to a premarket price of approximately $23.12.

From Legal Fight to Potential Partnership: Novo Nordisk and Hims Reconcile

The reported deal represents a remarkable about-face for Novo Nordisk, which sued Hims in February 2026 after the telehealth company launched a copycat version of its oral Wegovy weight-loss pill, accusing Hims of infringing US patents tied to the active ingredient behind its flagship medications Ozempic and Wegovy.

The two companies had previously attempted a commercial partnership that collapsed last year when Hims refused to stop marketing compounded, lower-cost versions of Novo’s semaglutide treatments even after the GLP-1 drug was no longer classified as being in shortage. Now, according to Bloomberg’s reporting, the agreement being discussed would allow Novo’s branded obesity treatments to be distributed through Hims’ consumer health platform, reviving the commercial relationship that had so publicly and acrimoniously unraveled.

Leerink Partners analyst Michael Cherny called the development “both a surprise and an unabashed positive for HIMS’ stock,” noting it could spare the company from what had appeared to be a lengthy and costly legal battle heading toward a full trial. Morgan Stanley analyst Craig Hettenbach echoed that view, arguing the deal could remove one of the biggest overhangs on the stock by significantly reducing the regulatory and legal risks tied to Hims’ weight-loss business, risks he said had contributed to the stock being heavily shorted.

Novo’s motivation to reconcile appears rooted in competitive pressure: the Danish pharmaceutical giant has been losing ground in the obesity market to rival Eli Lilly and to telehealth platforms like Hims that capitalized on drug shortages to build large customer bases around lower-cost compounded alternatives.

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HIMS Stock Brief: Premarket Surge After a Brutal Year

As of premarket trading on Monday, March 9, 2026 at approximately 5:34 AM EDT, HIMS shares were trading around $23.12, up $7.38 or roughly 46.89% from Friday’s closing price of $15.88 — a striking move for a stock that had already lost more than 51% of its value year-to-date heading into the session.

The stock’s 52-week range spans from a low of $13.74 to a high of $70.43, illustrating just how volatile HIMS has been amid regulatory scrutiny of GLP-1 compounders, analyst price target cuts, and the legal overhang from the Novo lawsuit.

From a fundamentals standpoint, HIMS carries a trailing P/E ratio of 30.86, a market cap of approximately $3.59 billion, and reported Q4 FY2025 revenue of $617.82 million with earnings of $20.6 million, beating the consensus EPS estimate of $0.04 with an actual figure of $0.08. Analyst sentiment has been mixed but skews cautiously optimistic, with the average 12-month price target sitting at $20.19, a range spanning from a low of $12.50 to a high of $30.00, and Barclays maintaining an Overweight rating as recently as February 25 despite cutting its price target from $48 to $25.

While the Novo partnership news is undeniably a positive catalyst, some analysts urge caution, Leerink’s Cherny noted that even with the deal, he does not view it as a “clearing event” that fully restores Hims’ growth trajectory, and ongoing FDA scrutiny of compounded weight-loss drugs remains a structural risk for the company’s business model going forward.

Disclaimer: The author does not hold or have a position in any securities discussed in the article. All stock prices were quoted at the time of writing.