Raising its price target on the shares to $21, reports The Fly, BofA nonetheless reiterated an "underperform" ( i.e., sell) rating on Hims & Hers stock. Investors are taking the hint, and doing just that.

Healthcare stock Hims and Hers (HIMS) is sharply lower today but has contrarian potential next week ahead of earnings

Hims & Hers Health acquired a peptide facility to strengthen its U.S. supply chain and meet demand for personalized treatments. Also, in another development, FDA resolves semaglutide injection shortage.

HIMS stock plunged by 18% after the FDA news that resolved a shortage of weight-loss drugs like Ozempic and Wegovy, which previously allowed Hims & Hers to sell compounded alternatives. Compounded versions were permitted during the shortage but are now restricted unless they meet specific exceptions.

Shares of Hims & Hers Health Inc ( HIMS 17.50%) are flying higher on Wednesday. The company's stock gained 21.7% as of 2:00 p.m. ET, and was up as much as 24.8% earlier in the day. The gain comes as the S&P 500 gained 0.1%, and the Nasdaq Composite was flat.