Shares of Hims & Hers Health, Inc. (HIMS) hit a fresh 2026 high after the company entered into a new financing arrangement with JPMorgan Chase that provides up to $400 million in liquidity, with the rally further driven by improving GLP-1 traction and renewed investor interest in its peptide opportunity.
HIMS stock jumped 8% on Wednesday to end at $37.57, its highest level since December. Shares are down 0.5% overnight late Wednesday at the time of writing.
A fresh filing from Wednesday showed that Hims & Hers units XeCare and Apostrophe Pharmacy entered into a master receivables purchase agreement with JPMorgan Chase Bank.
Under the agreement, the Hims entities may offer eligible receivables (money owed by customers or insurers for services already rendered) to JPMorgan in exchange for immediate cash.
The program carries a $400 million limit, giving the company a working-capital tool as it continues to scale its healthcare and pharmacy operations. However, the facility is “uncommitted,” meaning JPMorgan is not obligated to purchase every receivable offered.
Hims also amended its revolving credit and guaranty agreement, which adds terms related to receivables assets, receivables purchase agreements and receivables purchase programs, reflecting the new JPMorgan deal in the company’s credit documents.
JPMorgan is listed as the administrative and collateral agent under the credit agreement, while Morgan Stanley and Goldman Sachs are also named in the broader group of lenders.
The financing update came alongside fresh Wall Street price-target hikes. BofA raised the firm’s price target on Hims to $36 from $25, implying a 4% downside from current levels, while keeping a ‘Neutral’ rating. The brokerage noted that Bloomberg Second Measure card data has improved in recent months, pointing to “solid early traction” for Hims’ branded GLP-1 franchise.
The firm also said that the company’s oral Wegovy launch is trending well, though it cautioned that it remains too early to know whether Hims can capture and retain enough GLP-1 subscribers to support the significant EBITDA ramp embedded in second-half guidance.
Additionally, Canaccord raised its price target on HIMS to $40 from $32, implying a 6% upside from current levels, and kept a ‘Buy’ rating on the shares. The firm said Hims has been supported by improving credit card data and growing enthusiasm around its peptide opportunity. Canaccord also said it was encouraged by the committee advising on peptides, pointing to several new panelists who appear “constructive” about the category.
The peptide thesis is a key part of the Hims bull case, even after a regulatory wobble this week. Ahead of a July 23-24 Pharmacy Compounding Advisory Committee meeting, FDA staff said there was not enough evidence to support allowing compounding pharmacies to make BPC-157, Emideltide, Epitalon, KPV, MOTS-c, Semax and TB-500. Staff also said safety concerns could not be ruled out.
However, Needham analyst Ryan MacDonald called the FDA staff recommendation “a bit of a surprise,” but said it was not a final rejection. “This is not the end of the conversation,” he said, adding that approval odds may be “slightly less,” but he is “still operating under the assumption that they will get approved.”
On Stocktwits, retail sentiment for HIMS was ‘bearish’ — although the score improved a lot from a day ago — amid a 177% jump in 24-hour message volumes.
One user said, “$HIMS Nice breakout but I took some off the table here. Will probably run to $50 tomorrow.”
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Another user said, “I think they set up this agreement with JP Morgan to sell receivables to unlumpify international sales that use insurance where collecting can take awhile. That way we have ample working capital regardless of the amount of insurance payments we're waiting on.”
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HIMS stock has declined 22% over the past year.
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