JPMorgan Chase slashed its stake in Hims & Hers from 8.1% down to just 1.7%. That's a 79% reduction, roughly 15 million shares gone. The filing showed the position as of late February, right as FDA warning letters were going out to 30 telehealth companies over misleading GLP-1 marketing. HIMS is now at around $20.88.
When your biggest institutional holder starts heading for the exit at that scale, it sends a signal. Not a panic signal, but a "we're done waiting" kind of signal. Retail investors brushed it off initially, the stock even rose in premarket trading the day the filing dropped. But the broader pattern is hard to ignore.
Institutional confidence in the GLP-1 telehealth model is clearly fading.