HIMS Stock Snaps 3-Day Slump On Peptide Hopes: Trump Administration Reviews Plan That Could Unlock $2.2B Market

• Leerink previously estimated a $2.2 billion annual telehealth market if the FDA permitted all seven peptides reviewed in July.
• Hims acquired a California peptide facility in February 2025 and has begun ingredient testing.
• FDA advisers recommended six of seven peptides in July despite staff concerns about evidence and safety.

Shares of Hims & Hers Health (HIMS) jumped nearly 6% on Thursday, snapping a three-day losing streak as a Trump administration plan to ease restrictions on peptide compounding reached White House review.

HIMS stock is headed for its worst week in nearly two months, with shares down 5% for the week. 

White House Reviews Peptide Access Plan

A proposal sent for White House review would allow specialty pharmacies to temporarily compound certain unapproved peptides, including BPC-157, the Associated Press reported, citing people familiar with the plan. BPC-157 is promoted for muscle building and injury recovery.

An Office of Management and Budget posting on Thursday shows that the agency received the HHS/FDA proposal on Wednesday. Titled “Interim Access Policy for Compounding Using Certain Peptides,” the filing provides no details or implementation timetable.

The proposal would apparently assure pharmacies they would not face enforcement action for producing covered peptides, an approach known as enforcement discretion. Permanently adding the substances to the FDA’s compounding list would require formal rulemaking. Health Secretary Robert F. Kennedy Jr. has advocated allowing U.S. pharmacies to sell peptides, saying Americans are already obtaining them through gray-market suppliers.

Hims Prepares For Potential $2.2B Market

Leerink Partners previously estimated that allowing all seven peptides reviewed in July could create a $2.2 billion annual telehealth market, with Hims potentially capturing about 20%, or $440 million in annual sales. The brokerage called July’s advisory outcome a “positive catalyst” and identified BPC-157 as “likely one of the more commercially viable” peptides under review.

Hims has been building its manufacturing and clinical capabilities ahead of a potential regulatory opening. The company acquired a California peptide manufacturing facility in early February 2025. On its recent earnings call, CEO Andrew Dudum said, “We’ve started validation and stability testing on APIs for those peptides developed in our Menlo Park facility.”

Dudum also outlined work on clinical protocols and provider training, along with an offering that combines U.S.-manufactured products, clinical guidance, and ongoing blood testing. 

FDA Advisers Back Access Despite Staff Concerns

FDA advisers voted in July to recommend adding six of seven peptides to the 503A bulk substances list, despite agency scientists’ objections over limited evidence and unresolved safety concerns. The recommendations were nonbinding. For BPC-157, FDA briefing materials identified gaps in clinical evidence, chemical characterization, and impurity controls, as well as potential immune reactions.

However, Hims medical chief Anant Vinjamoori still supported a supervised access pathway. “Millions of Americans are already accessing these treatments through the gray market,” he said in July. “Peptides are simply our newest frontier.”

How Do Retail Traders Feel About HIMS?

On Stocktwits, retail sentiment for HIMS flipped to ‘bearish’ from ‘bullish’ levels a day ago amid a 178% jump in 24-hour message volumes.

One user said, “$HIMS not just the option to sell peptides. You bring many new customers to the platform, possibly buying ED pills too! Normally you need to advertise to get them, now virtually for free. Adding more and more. 28 is a steal”

Another user said, “$HIMS this price action is comical. My prediction – we may get a pump once peptide compounding is officially signed and approved, then we’ll fade because HIMS won’t be ready to launch until EOY probably or early next year, then once we get a full quarter of earnings with peptides, we will really pump and this stock will be 100$+”

HIMS stock has declined 10% year-to-date.

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