HIMSHims & Hers Health, Inc.
Options Analysis Report•SERVICES-OFFICES & CLINICS OF DOCTORS OF MEDICINE
Market Cap $5.6B|NYSE
● 2026-05-15$24.24
NEUTRAL
Analysis: 2026-05-14 EOD data
1Y -58.6%YTD -27.4%7D -14.3%
Options Vol
121,034
30D
Implied Move
±22.2%
IV Rank
23%
HIMS Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
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Value
Is IV priced right?
5.5
ExpensiveCheap
Measures whether options are cheap, fair, or rich relative to historical and peer
IV
levels.Risk Checks4/9 checks passed
IV Rank
≤35%IV Rank 85.7% — elevated vs history
IV/HV Ratio
<1.05xIV/HV 0.86x — IV ≤ HV
Sector Relative≤50%
Sector percentile 64% — above sector median
Term Structure
<1.1xFront/Back 0.89x — contango
Skew Normal
<1.25xPut/Call IV 1.16x — elevated
Absolute IV
<80%ATM IV 81.1% — crisis-level IV
Spread-Adjusted Value
<80%Effective IV 99.6% (ATM 81.1% + spread 9.3% + bias) — expensive
Execution Efficiency
<3.0%Total drag 13.33% (spread 9.27% + slippage 4.06%) — high friction
Vega Efficiency
≥5.0Vega efficiency 7.88 (vega 7.309 / spread 9.27%) — efficient
Sentiment
Bullish or bearish?
6.6
BearishBullish
Analyzes
put/call ratios
, open interest skew
, and flow direction to determine market bias.Risk ChecksNeutral - Strong signal (Conviction: +6%, Raw: +1%)
Flow Direction
|net sentiment| ≥25%Conviction-weighted: +6% (neutral) — Raw: +1%
OI Skew Magnitude
≥15%|OI skew| 23.1% — call-heavy
Volume-OI Alignment
Same sign, |vol skew| ≥10%Vol skew +27.3%, OI skew +23.1% — aligned
Conviction Quality
≥2/3 conditions0-DTE 48%, far-OTM 15%, avg DTE 30
OI Momentum
|change| ≥3%OI change +0.0% (5d) — stable
Smart Money Flow
|weighted flow| ≥20%ITM: +60%, ATM: -15%, OTM: -8% — strong bullish (ITM/ATM divergent)
Sector Relative≤40% or ≥60%
Sector P/C percentile 54% — neutral vs sector
Activity
Unusual activity?
4.4
QuietActive
Detects volume surges,
block trades
, and unusual options activity that may signal moves.Risk Checks3/9 checks passed
Volume Surge
≥1.5xVolume 0.6x avg — normal
Turnover Rate
≥15%Vol/OI 9.6% — normal turnover
Strike Concentration
≥60%Top 3 strikes = 50% — dispersed
Multi-Day Persistence
≥2 days1 day(s) elevated — may be one-day event
OI Build
≥5%OI change +17.4% (5d) — building
Sector Relative≥60%
Sector activity percentile 88% — very active vs sector
Trade Quality
≥30%Large trade volume 37% — institutional presence
Execution Urgency
≥60%Aggressive execution 40% — patient
Flow Conviction
≥30Conviction +6 (bullish) — mixed
Liquidity
Can I trade efficiently?
5.1
IlliquidLiquid
Evaluates
bid-ask spreads
, volume depth, and open interest for trade execution quality.Risk Checks4/8 checks passed
Tradeable Spread
≤5.0%Spread 9.3% — wide
Adequate OI
≥10,000OI 1,264,026 — deep
Active Volume
≥500Volume 121,034/day — active
Reasonable Cost
≤$0.50$0.46 to cross — cheap
Strike Coverage
≥5 strikes0 liquid strikes — limited options
Sector Relative≤40%
Sector spread percentile 85% — much wider than sector
Order Book Depth
≥100 contractsDepth 591.1 contracts (bid:292.6 ask:298.5) — deep
Execution Quality
<1.0%Avg slippage 4.06% — poor
Timing
Is now a good time?
7.3
RiskyFavorable
Considers earnings proximity,
time decay
, and event calendar for optimal entry timing.Risk Checks7/9 checks passed
Term Structure Clarity
|slope| ≥5%Slope -10.7% — contango
IV Percentile Clarity
<30 or >70IV percentile 86% — seller opportunity
Event Detection
≥10pts kinkIV kink -2.1pts — no clear event
Theta/Vega Clarity
<0.5 or >2.0θ/ν ratio 529.62 — favors income trades
Expiration Distribution
≥3 expirations5 liquid expirations — flexible
Event Risk
≥60% (safe)safe window: No earnings detected
Spread Momentum
<1.2 ratioSpread ratio 1.00x — stable
Flow Momentum
≥25% strength + ≥50% consistencyFlow +6% @ 53% consistency — unclear
Smart Money Timing
≥40 composite scoreScore 67 (ITM 20% + inst 37%) — HIGH institutional
Directional Strategy Fit
Option Buyers
Long Calls6.1
bullishIV fair, bullish flow
Long Puts5.0
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.8
bullishIV fair, bullish flow
Covered Call4.7
bearishIV fair, bullish flow
For educational purposes only. Not investment advice.