Hims & Hers Health Inc. (HIMS) experienced a significant intraday surge of 11.14% on Thursday, extending gains from the previous session. The telehealth company's stock has been rallying strongly following major positive developments.

The sharp rise was primarily driven by an announcement from U.S. Health and Human Services Secretary Robert F. Kennedy Jr., who stated that the government would move to loosen regulations for 12 peptides. The Food and Drug Administration plans to convene an expert panel in July to discuss whether compounding pharmacies can produce these popular peptide substances, which could expand regulated access to peptide-based treatments.

Additionally, Hims & Hers has entered into a partnership with pharmaceutical giant Novo Nordisk to sell weight-loss drugs on its platform. This regulatory pivot and commercial partnership are seen as significant growth catalysts for the company, which had previously indicated plans to enter the peptide business and acquired a California-based manufacturing facility last year.