Since early 2025, the share price chart has resembled a heart monitor!

Why is it such a bucking bronco?

At a glance

As a quick reminder, Hims & Hers is an online health platform. It connects patients with licensed medical professionals, delivering personalised treatments to their front door.

This could be for sexual health, weight loss, mental health, acne, hair loss, low testosterone, or menopause care. Many people are too embarrassed to visit a doctor in person for these conditions, making the anonymity of platforms like Hims & Hers more appealing.

The company has grown exponentially. Last year, revenue jumped 59% to $2.3bn, up from $149m in 2020. And it has turned profitable in this time while growing its subscriber base to over 2.5m.

We are on a mission to reshape the healthcare system with the customer at the centre…This is what people deserve, whether they live in a rural midwestern community in the US, a large city in the UK, or somewhere in between. We are moving fast to build this new reality.
Hims & Hers.

Why’s the stock suddenly flying?

The stock crashed 27% in February when Wegovy maker Novo Nordisk filed a lawsuit against the firm for patent infringement over a cheap compounded pill version of the best-selling GLP-1 drug.

Since then though, the pair have made up and Hims & Hers now sells branded Ozempic and Wegovy. Investors obviously welcomed this development.

The second bit of good news came last week when the FDA removed 12 wellness peptides that were previously under ‘Category 2’ restrictions (which limited how they could be compounded and sold).

Millions of people are now using peptide therapies for things like anti-ageing, muscle recovery, and cognitive health (nootropics). GLP-1 itself is a peptide hormone. 

For the record, I have firsthand experience here because I have been using a copper peptide for the past few months. It has significantly improved my skin, making my face look younger (according to some friends). 

Now, this is still a regulatory grey area and I’m definitely not malign any recommendations for people to use peptides. But there has been skyrocketing interest in this area of longevity and ‘biohacking’ over the past few months, as the Google Trends graph below shows.

Ready to manufacture peptides at scale

But how does this benefit the business? Well, the company bought a specialist peptide manufacturing facility last year. This handles the complex chemistry needed for next-generation wellness products. 

So with the regulatory landscape seemingly changing, peptides could represent another big growth driver in the years head.

Would I bet the farm?

The biggest risk I see here is competition from the likes of Amazon Pharmacy. Also, the relationship with Novo Nordisk might sour again in future, sending the stock crashing.

Despite these potential risks, I’m still bullish on the stock. If the company can become the ‘Amazon of healthcare’, it would likely be a monster winner considering the relatively small $6.6bn market cap today.

Given the enormous potential here, I think the stock’s worth considering. However, it’s definitely in the high-risk, high-reward camp, so I wouldn’t bet the farm.

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However, the manic whipsawing movements in Hims & Hers Health (NYSE:HIMS) have surprised me. Since I first invested last summer, the stock has been all over the place, regularly rising and falling 25% in the space of a few days.

Yesterday (9 March), it was up to its usual tricks by jumping over 40% in a single day. What on earth’s going on?

Huge short squeeze

Hims & Hers is a digital health platform that provides online consultations and prescriptions delivered directly to the door. It focuses on medical conditions that people often find awkward to discuss in person, including sexual health, dermatology, hair loss, mental health, and weight management.

It’s the latter that has been driving volatility. In February, the stock crashed when drugmaker Novo Nordisk announced that it was filing a lawsuit against Hims & Hers for selling compounded/personalised versions of its blockbuster weight-loss drug Wegovy. This included a cheaper $49 copy of Novo Nordisk’s new Wegovy pill.

Over the weekend, however, news came out that the pair had made up and will sell GLP-1 obesity drugs together. And while there will still be a limited number of personalised treatments available, these will not be marketed on the platform as before.

Hims & Hers CEO Andrew Dudum commented: “We see tremendous growth opportunities in the US with the expanding assortment of branded GLP-1 medications“.

The 41% surge likely represented a short squeeze, where short sellers bought shares to cover their positions, pushing the price higher.

Personalised medicine platform

What do I make of this? Well, the lawsuit has been dismissed, which removes a massive dark cloud hanging above the stock. Legal proceedings could have dragged on for years and cost the company a fortune, especially if it lost the case.

I also think this shows the growing reach of Hims & Hers’ platform in the US. It now has more than 2.5m subscribers, with revenue jumping approximately 59% last year to $2.35bn.

This included a more than doubling of revenue at its Hers business, which has launched hormone therapies for menopause and perimenopause. On the Hims side, it’s selling testosterone treatments.

The firm is also becoming a fully vertically integrated drug manufacturer by producing peptides in-house. Therefore, while the market obsesses about GLP-1s, I think the platform has far wider growth potential.

For instance, the opportunity in longevity could be substantial (more people are ‘biohacking’ to try and live longer while staying youthful). Hair loss, menopause and mental health are also very large global health and wellness categories.

The company has recently made a new acquisition to expand overseas, and is aiming for revenue and adjusted EBITDA of at least $6.5bn and $1.3bn, respectively, by 2030. The market cap today is $5bn.

The big risk here is that this growth never materialises amid rising competition. As such, this remains a smaller position in my overall portfolio for now.

But the stock is still 65% lower than August, even after yesterday. It’s trading at about two times sales, which isn’t particularly expensive for a high-growth stock. So it could be worth considering today as a small, higher-risk position in a diversified ISA.

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Here are two disruptive growth stocks that stand out to me right now. Both are down considerably from their 52-week highs, and I think they’re worth mulling over for 2026 and beyond.

A sea of growth

First up is Sea Limited (NYSE:SE), which owns Southeast Asia’s largest e-commerce marketplace (Shopee), as well as gaming platform and publisher Garena. It also runs Monee (a fast-growing fintech platform).

These three digital businesses are driving big growth (Q3 revenue was up 38.3% to $6bn). Yet the stock’s fallen 38% since September, largely due to concerns around regional competition for Shopee from the likes of TikTok Shop and Alibaba‘s Lazada.

While these fears are legitimate, the e-commerce market in Southeast Asia is large and growing. I think there’s ample room for a handful of winners, while Sea has optionality with its digital entertainment and fintech businesses (which have better margins).

The stock’s decline puts it on a price-to-earnings-growth (PEG) ratio of 0.7. Remember, anything below 1.0 is considered potentially undervalued, indicating that Sea offers growth at a reasonable price.

If the stock stays around the $120 mark (or drops lower), I plan to add to my holding in January (once Christmas spending’s out of the way!).

Direct-to-consumer healthcare

Next, we have Hims & Hers Health (NYSE:HIMS). Founded in 2017, this is probably the riskier one to consider right now. However, with a modest market-cap of $7.9bn, it also has the largest potential given its disruptive business model.

So what does Hims & Hers do? It operates an online health platform, where professionals can approve treatments for hair loss, obesity, acne, menopause, mental health, and more. The medication is then sent directly to the front door.

That is far less hassle than the old model of booking a doctor’s visit, going in person to a practice, then a pharmacy.

An increasing amount of the company’s revenue is subscription-based, with subscribers growing 21% in Q3 to almost 2.5m. These are mainly in the US, but the company’s expanding internationally.

In the UK, the firm’s launching weight-loss membership and treatment plans, including branded GLP-1 options such as Mounjaro and Wegovy, starting at £149 a month. Roughly 64% of UK adults are overweight or living with obesity.

The main risk here is competition, with various digital health platforms knocking about. It’s far from clear yet that Hims has a durable competitive advantage, so I haven’t made this one of my top holdings.

However, this is a fast-growing healthcare disruptor, with Q3 revenue surging 49% to $600m. Full-year revenue’s set to skyrocket nearly 60% to $2.3bn, giving a price-to-sales multiple of just 3.5.

And management expects full-year adjusted EBITDA of $307m-$317m. That would be good for a 13% margin, hinting strongly that this model operating at full scale could be very profitable.

The stock’s down 49% since February’s peak.

Opportunities abound

Truthfully, it was hard to narrow this down to just two shares. Many of my favourite disruptive growth stocks — including Wise, Uber, Duolingo, Roblox, On Holding, and MercadoLibre — have pulled back significantly of late.

As we head into 2026, I’m seeing many other opportunities emerging. I think it’s going to be a great year for stock-pickers.

The post My top 2 disruptive growth stocks to consider buying in 2026 appeared first on The Twelfth Magpie.

Since then, it’s risen 15%, but this is an incredibly volatile stock. It can rise or fall 25% in the blink of an eye.

For example, it’s up 100% year to date, but in this time has also endured a 63% peak-to-trough decline, as well as two 35% drawdowns.

The recent share price chart basically looks like a hospital heart monitor, spiking up and down. 

Yet, I’m still bullish on the stock long term. Here’s why.

Direct-to-consumer health platform

Hims & Hers is a digital health and wellness platform that connects consumers to medical care for things like hair loss, skin issues, sexual health, mental health, and weight management.

It’s known for its personalised treatment plans, including customised dosages of GLP-1 weight-loss drugs. The company is also steadily expanding its own capabilities, from blood lab testing to buying its own peptide plant. 

Hims & Hers’ mission is to “make healthcare accessible, more affordable, and more personal“.

Rapid growth

I’m bullish for a few reasons. Firstly, growth is very strong. In Q2, revenue soared 73% to $545m, while adjusted EBITDA more than doubled to $82.2m. Wall Street expects full-year revenue to jump 59% to around $2.3bn.

The number of subscribers grew 31% to over 2.4m in Q2, with nearly 1.5m of those receiving personalised treatments. And subscribers using a personalised plan for multiple conditions surged 170% to over 500,000. This is very encouraging.

More people than ever are turning to our platform for treatment, and we’re seeing rapid growth in customers using personalised plans. Our model is working and accelerating.

Hims & Hers Health

Looking ahead, management is aiming for $6.5bn in revenue and $1.3bn in adjusted EBITDA by 2030. This will be driven by expanding into new areas like longevity and hormonal health, as well as growing internationally. It recently acquired ZAVA, one of the largest online doctors in the UK and Europe.

The valuation also doesn’t look crazy to me. With a $10.9bn market cap, the stock’s trading at four times next year’s forecast sales, while profits are growing even as the company invests heavily for growth.

Lawsuits

One potential risk here, though, is Novo Nordisk possibly suing Hims & Hers for continuing to sell personalised doses of semaglutide (the active ingredient in Wegovy). It terminated a partnership with the firm over this issue in June.

Perhaps tellingly, though, Novo Nordisk hasn’t done this yet, and an early September court dismissal of a similar lawsuit brought by Eli Lilly against a telehealth company has recently boosted Hims & Hers stock.

Nevertheless, there’s potential legal risk if Novo Nordisk decides to pursue this route.

Big trends

Management says it’s building “for a future where a Hims & Hers membership could cover the majority of conditions that impact an individual’s everyday health“. And it wants the platform to become one where people go to prevent issues rather than just treat them.

This should see the firm tap into a massive global wellness trend among Millennials and Gen Z (valued as a highly fragmented $2trn industry by McKinsey).

To sum up, Hims & Hers is founder-led, innovative, growing strongly, pursuing a massive market opportunity, and isn’t ridiculously valued. I think it’s well worth considering.

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This is a share I’ve been watching for a while, but haven’t bought yet. Even after yesterday’s crash, it’s still up 86% over 12 months.

Could this crash be an opportune time for me to nip in and open a position?

Personalised medicine platform

Hims & Hers is a vertically integrated pharmacy and telehealth platform focused on personalised wellness. It offers prescription and over-the-counter treatments for hair loss, mental health, skincare, sexual health, and more. 

In 2024, the firm’s revenue soared 69% year on year to $1.5bn. However, this isn’t a jam-tomorrow growth story, because both net income and free cash flow more than quadrupled in Q1 of this year. Subscribers grew 38% to 2.4m.

Driving some of this eye-catching growth has been compounded GLP-1 weight-loss drugs, which the firm began selling on its platform in 2024. In May, it announced a partnership with pharmaceutical giant Novo Nordisk to sell its blockbuster Wegovy treatment.

War of words

Since that announcement, Hims & Hers stock has been rocketing. Until yesterday that is, when Novo terminated the collaboration.

In a statement, the firm pulled no punches, accusing Hims of “illegal mass compounding and deceptive marketing“. It used the words “knock-off drugs” a number of times in relation to “personalised” doses of semaglutide that Hims continues to sell. Semaglutide is the active ingredient in Wegovy.

More seriously, Novo alleges that potentially unsafe active ingredients are being sourced from foreign suppliers in China, thereby putting patients at risk. 

Essentially then, there are three allegations here:

1. The continued selling of copycat versions of Wegovy, which Novo says violates regulations.
2. Deceptive marketing of these as ‘personalised’ treatments. 
3. Semaglutide sourced from unapproved Chinese suppliers. 

In response, Hims’ CEO Andrew Dudum wrote on X: “We refuse to be strong-armed by any pharmaceutical company’s anticompetitive demands that infringe on the independent decision making of providers and limit patient choice.” 

Dudum said Novo’s management is “misleading the public“, and that the platform will continue offering access to different weight-loss treatments, including semaglutide.

My move

What to make of all this? Well, there could obviously be regulatory compliance risk here. Lawsuits appear inevitable, and there’s likely at least some brand damage.

Meanwhile, Novo will keep selling Wegovy with two of Hims’ rivals, namely Ro and LifeMD. So the firm could lose share in the booming weight-loss space, which isn’t ideal.

However, there’s more to the platform than just Wegovy. It was already growing strongly before GLP-1s, and its opportunity to aggregate demand in some very large health categories appears undimmed to me. It’s also expanding into Europe via a recent acquisition.

Hims’ disruptive direct-to-consumer platform aims to be cheaper and more personalised than the traditional healthcare model. Therefore, I think shareholders should expect further industry resistance, like Uber got from taxi firms.   

I’d like management to reassure investors about the supply chain accusations. Ideally, this will happen when the firm reports Q2 earnings in August, if not before.

But if the stock keeps falling in the coming days, I will open a starter position.

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Up 124%

Let’s start with D-Wave Quantum (NYSE: QBTS). At the start of 2025, this quantum computing stock was changing hands for $8.40. Now it’s priced at just under $19 — a 124% gain.

Over one year, the share price is up a staggering 1,200%!

Quantum computers use qubits instead of classical bits, leveraging the principles of quantum physics that allow qubits to exist in multiple states at once (a bizarre phenomenon known as superposition). They can perform many calculations simultaneously, offering far more computational power.

While no commercially useful quantum computers exist today, D-Wave became the world’s first commercial supplier of one in February when it delivered its Advantage system to a European research institution. It will potentially enable breakthroughs in artificial intelligence (AI) and quantum optimisation.

So while quantum computers are prone to errors and not yet mainstream, they’re being used today for specific research purposes and applications. This system sale drove Q1 revenue of $15m — a year-on-year increase of 509%.  

However, it’s worth noting that D-Wave faces formidable competition from deep-pocketed tech giants like IBM and Alphabet/Google.

Also, the stock’s price-to-sales ratio isn’t far off 200. This extreme valuation makes it very high risk.

Up 127%

Next up is Hims and Hers Health (NYSE: HIMS), a direct-to-consumer telehealth company offering online treatments for hair loss, mental health, weight management, and more.

The stock’s surged 127% year to date — and 1,240% over three years!

It hasn’t been a smooth ascent though, as the share price crashed 63% between February and April, before more than doubling. The reason for this volatility has basically come down to GLP-1 weight-loss drugs.

Due to a shortage, Hims & Hers was allowed to sell compounded versions — custom-made alternatives — at a lower cost than branded options like Wegovy. This helped revenue surge 69% to $1.5bn last year.

But in February, the regulator said the firm had to stop selling GLP-1 copycats, causing the crash. Then there was another twist in the tale in April when Novo Nordisk announced it would sell its blockbuster Wegovy to cash-paying US customers through three telehealth platforms, including Hims and Hers.

Up 130%

Finally, there’s Oklo, whose shares have surged 130% so far in 2025.

Oklo’s a nuclear energy start-up developing compact reactors for sites such as data centres and remote military bases. Its share price got a big boost earlier this month when President Trump signed an executive order to drive a US “nuclear energy renaissance“.

While Oklo has secured agreements with clients to supply power, it’s currently pre-revenue. This makes it too risky for me.

My pick

Of the three, Hims and Hers interests me the most. It’s building a personalised medicine platform, and in Q1, revenue rocketed 111% to $586m.

There was also a $49.5m net profit. Granted, the forward price-to-earnings ratio of 90 isn’t cheap. If growth decelerated sharply, the stock could get crushed. But the profitability is encouraging.

Looking ahead, management’s targeting at least $6.5bn in revenue and $1.3bn in adjusted EBITDA by 2030. As a growth stock, this ticks many boxes for me, so I’m watching it like a hawk.

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However, you do get the odd exception. One that stood out recently was Hims & Hers Health (NYSE: HIMS). On 24 February, this was the sixth most-bought share among AJ Bell customers.

Now, I feel for some of these invested because Hims and Hers stock plummeted 26% yesterday (25 February)! Yet despite this drop, it’s still up 270% in the past year.

Here, I want to dig into this this under-the-radar US stock to see if it’s worth me buying.

Digital healthcare

Hims and Hers is an online healthcare company. It offers prescription medications, over-the-counter wellness products, and virtual consultations for conditions such as hair loss, mental health, and skincare.

However, it has been compounded semaglutide products that have put rocket boosters under the share price. Semaglutide’s the active ingredient in Novo Nordisk’s blockbuster GLP-1 medications Ozempic and Wegovy. Compounded drugs are custom-made alternatives to branded versions.

In May, the company was allowed to start prescribing these copycat weight-loss products because there was a GLP-1 drug shortage due to massive demand. It’s been offering compounded versions of semaglutide at prices starting around $165 a month. By contrast, the list prices for Ozempic and Wegovy without insurance are way higher. 

Unsurprisingly, this has driven huge growth at the digital health firm. However, regulators announced last week that the shortage in semaglutide injection products is over. As a result, compounding pharmacies like Hims and Hers will have to stop selling them in the next few weeks.

Still strong growth

On 24 February, the company posted its Q4 results. Revenue surged 95% year on year to $481m, while earnings per share skyrocketed to 11 cents from 1 cent. However, gross margin fell from 83% to 77% due to the higher costs and GLP-1 products that were “strategically priced to attract new customers“.

Co-founder and CEO Andrew Dudum said: “We continue to build a platform that leverages personalisation and technology unlike any traditional healthcare system. Over 2 million subscribers now entrust Hims & Hers to aid them in their journey to better health.”

The underlying platform’s growing nicely. Excluding GLP-1 drugs, full-year revenue increased 43% to over $1.2bn. This saw the firm reach its previous 2025 revenue target a year early!

Meanwhile, the company’s pursuing vertical integration. To this end, it recently acquired a peptide facility in California and blood-testing business Trybe Labs. This latter acquisition allows it to offer at-home blood testing services, providing customers with insights into various health markers.

Worth watching

For 2025, management expects revenue of $2.3bn-$2.4bn (roughly 60% year-on-year growth) and adjusted EBITDA of $270m-$320m. That puts the stock on a reasonable price-to-sales (P/S) multiple of about 3.5.

Nevertheless, the concern here is that earnings growth will drop sharply once compounded semaglutide products disappear. There’s also a lot of competition in the digital healthcare space.

I think it might be too risky to try and catch this falling knife right now. But this is a very interesting $8bn growth company. So I’ve put the stock on my watchlist.

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