Hims & Hers Health Inc.'s stock soared 9.74% intraday on Friday, extending a multi-day rally driven by significant regulatory and commercial developments.

The surge follows news that the U.S. Food and Drug Administration plans to remove 12 peptides from its category 2 restricted list, with an advisory committee review scheduled for July. U.S. Health and Human Services Secretary Robert Kennedy Jr. stated these changes could expand regulated access to peptide-based treatments and shift demand away from black markets.

Additionally, Danish pharmaceutical giant Novo Nordisk entered a partnership to sell weight-loss drugs directly on the Hims platform, significantly broadening the company's product reach in the high-demand weight management space. Analyst sentiment also turned more positive, with BofA Securities raising its price target on the stock while maintaining a Neutral rating.