TLDR
- Board member David Wells bought 48,400 HIMS shares for ~$1.2 million — his first open-market purchase in nearly five years.
- The buy sent HIMS stock up around 6.8% to $25.46 the following day.
- HIMS is down more than 21% in 2026, underperforming the S&P 500’s 9.9% gain.
- The stock dropped over 14% earlier in May after Q1 results missed Wall Street estimates.
- Hims is shifting away from compounded GLP-1 drugs as Novo Nordisk and Eli Lilly reclaim market share.
Hims & Hers Health (HIMS) board member David Wells purchased 48,400 HIMS shares on Tuesday at prices between $24.19 and $24.25, spending roughly $1.2 million in total. The buy pushed his total stake to 224,400 shares and was his first open-market purchase since August 2021.
Hims & Hers Health, Inc., HIMS
The news moved markets. HIMS stock jumped about 6.8% to $25.46 the day after the disclosure, as investors took the insider buy as a vote of confidence.
Wells, a former Netflix CFO who has served on the Hims board since 2020, had only been selling in recent years — offloading 260,000 shares in February 2024 and another 40,000 that November. Flipping to buyer after nearly five years of selling was enough to get Wall Street’s attention.
Why HIMS Has 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 pretty clearly.
Earlier in May, the stock fell more than 14% after Q1 earnings came in below expectations. The company posted a quarterly loss and revenue that missed Wall Street’s estimates — not the result investors were hoping for.
The bigger concern for investors has been the company’s GLP-1 business. During shortages of branded weight-loss drugs from Novo Nordisk and Eli Lilly, Hims grew quickly by offering cheaper compounded versions. Now that supply has returned, Novo and Lilly are winning back that market share.
The Pivot Away From Compounded GLP-1s
In March, Hims agreed to start selling Novo’s branded weight-loss medication directly through its platform, replacing the compounded alternatives it had been offering. A month later, it opened its platform to allow providers to write prescriptions filled by independent pharmacies, including LillyDirect.
That’s a meaningful shift. Compounded GLP-1 medications had become a core part of how Hims positioned itself to both patients and investors. Moving away from them while keeping revenue growing is the challenge the company now faces.
Wells separately received 957 restricted stock units on May 20, in line with standard director equity awards.
As of Wednesday’s close, HIMS was trading at $25.46, up 6.8% on the day of the disclosure.
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