Hims & Hers Health Inc. (HIMS) experienced a significant surge of 10.33% in after-hours trading on Wednesday, extending gains from a strong intraday session.

The sharp rise appears driven by two major catalysts. First, U.S. Health Secretary Robert F. Kennedy Jr. signaled that federal regulators plan to loosen rules on peptide treatments. The Food and Drug Administration is moving forward with a plan to reassess popular peptides and has scheduled meetings to discuss easing restrictions, which would make these treatments more widely available. Hims & Hers had previously indicated to investors its interest in entering the peptide space, making this regulatory shift a positive development for its future business categories.

Secondly, the company is set to announce a new collaboration agreement with pharmaceutical giant Novo Nordisk. The partnership will authorize the sale of Novo Nordisk's weight-loss drugs on the Hims platform, marking a significant commercial milestone and expanding Hims' offerings in the high-demand weight management market.