Shares of Hims & Hers Health Inc. (HIMS) are soaring 5.01% in Wednesday's trading session, continuing the strong momentum from Tuesday's 18% surge following the company's impressive first-quarter earnings report.

The telehealth company's stock received an additional boost as Deutsche Bank raised its target price to $43 from $38, reflecting increased confidence in the company's growth prospects. This analyst upgrade comes on the heels of Hims & Hers' better-than-expected financial results, which have reignited investor interest in the stock.

The positive sentiment is further evidenced by heightened options activity, with 696,070 contracts traded on Tuesday, representing a 79% increase from the previous trading day. Notably, call options accounted for 61% of the overall options trades, indicating bullish expectations among investors. The surge in both stock price and options volume suggests that market participants are increasingly optimistic about Hims & Hers Health's future performance in the telehealth sector.