BofA analyst Allen Lutz says Hims & Hers’ observed sales data continues to weaken sequentially, reporting that year-over-year observed sales growth decelerated 6 points from March with sales down 6% month-over-month, or 3% adjusted for days, and that GLP-1 sales declined for the second consecutive month. If sales of compounded semaglutide moderates in May and June, core growth and Wegovy would need to provide the offset, which could prove challenging, adds the analyst, who maintains an Underperform rating and $28 price target on the shares.
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