Hims & Hers Health Inc (NYSE:HIMS) stock is up more than 35% to trade at $21.27 this morning, on track for its best single-session gain ever, after ending a dispute with Novo Nordisk (NVO). The company agreed it will no longer advertise for its GLP-1 weight-loss drugs, allowing patients to transfer to rivals Novo Nordisk's Wegovy or Eli Lilly's (LLY) Zepbound drugs instead. The pharma name will also begin selling the drugs on its website.
HIMS traded as low as $13.73 on Feb. 24, a two-year low. The shares are breaking above $20 for the first time since its early February bear gap, but are still 33% lower in 2026.
A short squeeze is powering today's gains. Short interest accounts for a whopping 39.6% of the stock's available float, and it would take shorts almost four days to buy back their bearish bets.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), HIMS's 10-day call/put volume ratio of 5.00 ranks higher than 98% readings from the last year. Given the amount of short interest tied up in KSS, it's possible some of these calls could be bearish bettors seeking an options hedge.
Today is more of the same. At last check, over 180,000 calls have changed hands, volume that's five times the average intraday amount and triple the number of puts traded. The weekly 3/13 25-strike call is the most popular, while the standard April 25 call is also popular.
Good news for those premium buyers; the stock's Schaeffer's Volatility Scorecard (SVS) comes in at 86 out of 100. This indicates HIMS has consistently realized higher volatility than its options have priced in.
