Asset Manager Exits Shares of Hims & Hers Health

On February 17, 2026, BLKBRD Asset Management, LP, disclosed it sold out its entire stake in Hims & Hers Health (HIMS +5.89%), an estimated $18.07 million trade based on quarterly average pricing.

What happened

According to an SEC filing dated February 17, 2026, BLKBRD Asset Management, LP, sold all 318,666 shares of Hims & Hers Health during the fourth quarter. The estimated transaction value was $18.07 million, based on the average share price over the reporting period. The net position change also totaled $18.07 million, reflecting both the completed trade and any price movement through quarter-end.

What else to know

• The fund fully exited its Hims & Hers Health stake this quarter, which previously represented 5.0% of AUM as of the prior filing; post-trade, the position is zero.
• As of December 31, 2025, top holdings by value were:
  • NASDAQ: NVDA: $4.66 million (6.3% of AUM).
  • NASDAQ: GOOGL: $4.28 million (5.8% of AUM).
• As of February 16, 2026, Hims & Hers Health shares were priced at $16.30, down 72.46% over the past year, underperforming the S&P 500 by 84.25 percentage points.

Company overview

Company snapshot

• Offers a telehealth platform providing direct-to-consumer medical consultations, prescription medications, and a curated portfolio of wellness, skincare, sexual health, and hair care products.
• Generates revenue through recurring prescription services, over-the-counter product sales, and wholesale partnerships, leveraging a digital-first, subscription-based model.
• Targets health-conscious consumers seeking accessible, discreet, and ongoing care, primarily in the United States.

Hims & Hers Health operates a multi-specialty telehealth platform at scale, integrating digital healthcare delivery with a broad range of consumer wellness products. The company’s strategy centers on recurring revenue from subscriptions and direct sales, supported by a robust digital infrastructure. Its competitive edge lies in combining medical consultation, prescription fulfillment, and branded wellness products within a seamless, consumer-centric online experience.

What this transaction means for investors

Hims & Hers stock has been in freefall since last June when it was trading near an all-time high at $64 per share. By early March of this year, the stock had plummeted to around $15 per share.

The catalyst for the drop was Novo Nordisk (NVO 2.67%) terminating its partnership with Hims & Hers to sell its weight-loss drugs. Novo Nordisk also sued Hims & Hers, claiming they were selling copycat weight loss drugs. Hims & Hers Health was one of the most shorted midcap stocks by institutional investors in January, according to the Hazeltree Crowdedness Report.

But Hims & Hers stock was soaring on Tuesday, March 10, after the company announced a new partnership with Novo Nordisk to offer its weight-loss drugs Ozempic and Wegovy on its platform. As part of the deal, Novo Nordisk dropped its lawsuit against Hims & Hers.

The stock was up some 6% on March 10 on the news. Hims & Hers stock is still trading at a high multiple, but this big news may provide an opportunity for investors to reassess Hims & Hers prospects.