Hims & Hers Health, Inc. (HIMS) stock jumped over 12% on Monday to close at $30.17, marking its best single-day performance in two months, as FirstWave Fund CEO Jonah Lupton projected the global peptide market could generate $250 billion to $380 billion in annual revenue by 2030. Lupton estimated that if HIMS captures 4% to 5% of this market, the company's peptide-related revenue alone could reach $10 billion to $19 billion annually by 2030. The optimism follows Canaccord Genuity's recent Buy rating and $32 price target on HIMS, which highlighted peptides as a potential long-term growth driver as the telehealth company expands into preventive healthcare and wellness offerings.
Analyst Projections for Peptide Market Revenue
FirstWave Fund CEO Jonah Lupton said on X that recent peptide forecasts from Canaccord Genuity could ultimately prove "too conservative," although he acknowledged the firm was right to start with modest assumptions given the early stage of the non-GLP peptide market. Lupton estimates the global GLP peptide market to hit 120 million to 150 million users by 2030 and generate between $200 billion and $300 billion in annual revenue. He believes non-GLP peptides could add another 40 million to 60 million users and contribute an additional $50 billion to $80 billion in annual sales.
"These are big numbers and it's certainly possible I'm being too bullish," Lupton said. He said that if Hims captures just 4% to 5% of the market, peptide-related revenue alone could be between $10 billion and $19 billion annually by 2030.
Lupton also pointed to growing consumer awareness around peptides. "I met up with a couple friends yesterday in Boston and they all want to talk about peptides," he said. "They're not using them yet but they're starting to do research and talk to people with experience." However, he cautioned that important questions remain unanswered, including how much revenue Hims retains from branded GLP products and what margins the company could eventually generate from compounded non-GLP peptides.
Canaccord Reiterates Buy Rating on HIMS Stock
Canaccord Genuity reiterated a Buy rating and $32 price target on Hims, implying a 6% upside from current levels. The brokerage said that peptides could emerge as a long-term growth driver as Hims expands into preventive healthcare, longevity-focused treatments and broader wellness offerings.
Canaccord also highlighted the FDA's ongoing review of several compounded peptide substances as a potential catalyst. The review stems from the FDA's 2023 restrictions on certain peptide substances after advisers questioned the available safety data. Health and Human Services Secretary Robert F. Kennedy Jr. has said that greater regulatory clarity could help move consumers away from unregulated markets and into safer healthcare.
HIMS Expands Peptide Manufacturing and Platform
Hims has already taken steps to position itself for the opportunity. Earlier this year, the company acquired a California-based peptide manufacturing facility to boost its domestic supply chain and support future products focused on metabolic health, cognitive performance, recovery science and preventive care.
The company has also expanded its vertically-integrated healthcare platform through in-house lab testing and the acquisition of digital health platform Eucalyptus, strengthening its presence across major international markets including the U.S., U.K., Canada and Australia.
HIMS stock has declined 46% over the past year.
FAQ
What did HIMS stock do on Monday?
HIMS stock jumped over 12% on Monday to close at $30.17, marking its best single-day performance in two months.
What is Jonah Lupton's revenue projection for HIMS peptide business by 2030?
FirstWave Fund CEO Jonah Lupton projected that if HIMS captures 4% to 5% of the global peptide market, the company's peptide-related revenue alone could reach $10 billion to $19 billion annually by 2030. He estimates the total global peptide market could generate $250 billion to $380 billion in annual revenue by 2030.
What is Canaccord Genuity's rating and price target for HIMS?
Canaccord Genuity reiterated a Buy rating and $32 price target on HIMS, which implies a 6% upside from current levels. The firm highlighted peptides as a potential long-term growth driver for the company.
