Hims & Hers Stock's 150% Surge Is All Fundamentals—No Novo, No Problem

Hims & Hers Health Inc. (NYSE:HIMS) has become one of 2025's most surprising winners, up more than 150% year-to-date and over 200% in the past twelve months. But what's making Wall Street sit up this time is not another flashy partnership — it's a rally built from within. Track HIMS stock here. Hims Finds New Life Beyond The GLP-1 CrazeAfter a year marked by regulatory whiplash and a short-lived tie-up with Novo Nordisk A/S (NYSE:NVO), the telehealth firm has found fresh momentum in a business move entirely of its own making: a new menopause and perimenopause specialty under its "Hers" platform.Related: Investors Are Buying Hims & Hers Health Stock Following Wednesday’s Platform Expansion AnnouncementThe initiative, aimed at driving $1 billion in women's health revenue by 2026, has reignited bullish sentiment around the company's ability to create growth beyond the GLP-1 weight-loss frenzy.The Menopause Bet That's Powering The Next Leg UpThat pivot appears to have reshaped investor perception. Instead of being seen as a derivative play on semaglutide shortages, Hims is now positioning itself as a more comprehensive digital healthcare brand with lasting impact. The market's reaction has been emphatic — a double-digit rally in mid-October pushed the stock's market cap to about $14 billion, trading at a lofty P/E ratio of nearly 80, per Benzinga Pro data.Billionaires Split As Valuation SoarsStill, not everyone's convinced. Jim Simons' Renaissance Technologies trimmed its stake slightly in the second quarter ending June 2025, while Paul Tudor Jones and Ray Dalio's Bridgewater Associates also pared back exposure. Meanwhile, Ken Griffin's Citadel Advisors took the opposite view — boosting holdings by more than 70%. The split underscores the challenge of valuing a company that's part consumer brand, part healthcare disruptor, and part momentum story.For now, Hims & Hers seems to be thriving on its own prescription — less hype, more execution. Whether this fundamentals-driven rally can hold as valuations stretch higher will depend on whether its women's health bet truly delivers. But one thing is clear: even Wall Street's smartest money can't seem to agree on the diagnosis. Pfizer’s TrumpRx Pact Sends Shockwaves: Why UnitedHealth, Lilly And CVS Can’t Look Away Photo: Shutterstock