$Hims & Hers Health Inc.(HIMS)$
Shares of telehealth company Hims & Hers Health
HIMS
jumped 3.4% in the afternoon session after JPMorgan Chase & Co. disclosed in a regulatory filing that it had taken a significant passive stake in the company.
The major financial institution reported owning 17.8 million Class A shares, representing an 8.1% stake in the telehealth provider. According to the filing, the shares were acquired in the ordinary course of business and not with the purpose of changing or influencing the control of the company. Such a large investment by a major institution often signals confidence to the market. The news also arrived as investors awaited the company's third-quarter earnings report. Adding to the positive sentiment, Hims & Hers recently announced plans to expand into the booming weight-loss drug market with its own GLP-1 treatments.
After the initial pop the shares cooled down to $45.28, up 2.8% from previous close..
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