Hims & Hers Health Stock Jumped Tuesday Afternoon: What Happened?

Hims & Hers Health Inc (NYSE:HIMS) shares spiked higher in afternoon trading Tuesday after the company said it will offer Eli Lilly And Co’s (NYSE:LLY) Zepbound through its Telehealth platform.

What To Know: In a blog post released Tuesday afternoon, Hims & Hers Health announced that it’s expanding access to personalized weight loss care.

“We're committed to bringing our customers more treatment options that best suit their needs, and we've now expanded that choice even further by adding access to generic liraglutide and branded tirzepatide through our platform,” the company said.

Tirzepatide is the active ingredient in Eli Lilly’s diabetes and weight-loss drugs. Hims & Hers said it will offer both Lilly’s Zepbound and Mounjaro on its platform, as well as generic versions of Novo Nordisk’s (NYSE:NVO) liraglutide, per Reuters.

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“Medication helps the body manage the biological factors that affect weight. Nutrition fuels the body. Physical activity builds strength and resilience. And behavioral support helps form lasting habits that create real, lifelong change,” the company said.

“Through our platform, we're weaving all of these tools together to provide access to a truly comprehensive care experience to deliver the best solution for every individual.”

Hims & Hers joins competitors Teladoc and LifeMD in offering Lilly’s Zepbound on its platform. The move comes after a U.S. judge shut down an injunction earlier this month that would have allowed companies to continue making compounded drugs. Regulators allow compounded versions of drugs to enter the market to meet demand when there is a shortage.

HIMS Price Action: Hims & Hers Health shares were up 6.01% at $31.27 at the time of publication Tuesday afternoon, according to Benzinga Pro.

Photo: Shutterstock.