Shares of Hims & Hers Health Inc. (HIMS) experienced a significant after-hours plunge of 5.10% on Friday, following news of a proposed insider stock sale. The telemedicine company's stock price movement comes amid concerns over potential lack of confidence from a key executive.

According to a Form 144 filing, Andrew Dudum, an officer of Hims & Hers Health, has proposed to sell 175,661 shares of the company's common stock. The total market value of this proposed sale is approximately $10.25 million. This move has raised eyebrows among investors, as insider selling can sometimes be interpreted as a lack of confidence in the company's future prospects. The filing also revealed that Dudum has made five reductions in his holdings over the past three months, potentially adding to investor concerns.

While the company recently made headlines for its partnership with Novo Nordisk to sell the weight loss drug Wegovy directly to cash-paying consumers, this positive news seems to have been overshadowed by the insider selling report. As the market digests this information, investors will be closely watching for any further developments or statements from the company regarding its future outlook and the reasons behind the officer's stock sale proposal.