HIMSSaturday, 18 Apr 2026

FDA moves to expand TRT indications, shorts cover, Leerink's first take on peptides

Current price: $26.99
PT: $25
Rating: Hold
Significance: The sell-side is starting to move peptides from 'optional' to 'must-have growth engine', though valuations are following cautiously
Source: Leerink research note, 16 Apr
View: HIMS will push hard on peptides as a growth path, but they will not turn into revenue straight away

Cedar Grove: Cedar Grove Capital 13F: it shorted on results day, covered at a profit the next day and has held no short position since. More evidence that deep shorts are heading for the exit together.
Change: Down 11.93 million shares (-14.3%), a steep fall in a single month
15 Mar: 83.29 million shares
31 Mar: 71.36 million shares (36.3% of float)
Peak: About 85 million shares on 28 Feb (46.09%)
Source: FINRA (compiled by MarketBeat, 17 Apr); Cedar Grove 13F
Trend: Falling steadily for 2.5 months

FDA action: FDA press release, 16 Apr: holders of approved TRT applications are encouraged to contact the FDA by 30 Apr to file a supplemental NDA for idiopathic hypogonadism with low libido
HIMS positioning: HIMS announced last year that it plans to be the exclusive channel for an oral testosterone product
Makary quote: Commissioner Makary weighed in personally: emerging data support the view that TRT may be effective for low libido
Significance: A second, independent path to deregulation beyond peptides, directly enlarging HIMS's hormonal health TAM
Source: fda.gov press release (16 Apr)

Concern: It is banned by WADA and the scientific evidence is thin, so it could be dropped when the FDA advisory committee meets on 23-24 Jul
Implication: The final approved list may be shorter than expected
Issue: RFK's list of candidate peptides includes MK-677 (a growth hormone secretagogue)

Sources (4)

A brief is a lead for our research, not a verified conclusion or advice.