Charts indicate this health-care stock could eventually double, according to Todd Gordon

Hims & Hers Health (HIMS) is an online multi-speciality telehealth company that virtually connects consumers with licensed healthcare professionals. The company has made quite a bit of headlines since going public in 2021, producing highly volatile price trends that are certainly not for the ‘faint of heart’. We covered this name in this column back in July of this year when the stock was trading around $23.50 and it currently trades at $32.50. True to its volatile nature the stock did not rally 50% in a straight line from July — it dipped below $14 in September. We continue to hold the name despite the volatility and I am looking to add to my position. Following that drop in September the stock broke out from the $25.50 3-year resistance zone and while above that newly formed support zone, the upside could be a double from here based on the long-term technical projections of $65.00. This thesis is intact while we remain above $25.50. The biggest source of headlines and volatility from this splashy new age company is their weight loss drug that competes with Lilly’s and Novo Nordisk GLP-1 drugs. According to HIMS website: “Hims & Hers offers compounded semaglutide injections, which contain the same active ingredient as Ozempic and Wegovy. These compounded medications are not sold over the counter; instead, they require a prescription from a licensed healthcare provider. Hims & Hers facilitates this process through online consultations, where licensed medical professionals assess patients’ eligibility for the treatment” The FDA previously ruled that NVO’s and LLY’s GLP-1’s are in shortage and as a result compounding pharmacies like HIMS are able to offer a version that is sold over the counter. Just recently the FDA removed Eli Lilly’s GLP-1 from the shortage list, but Novo Nordisk’s GLP-1’s remain on the shortage list creating some confusion out there for investors. But from the research we’ve done the weight-loss drugs only represent less than approximately 10% of revenues, so not overly significant. Even with the shortage classification likely to be lifted from the FDA list, the stock is performing quite well. This is likely due to the other revenue channels and opportunities the company has that can propel future growth. HIMS continues to show significant relative strength suggesting the market remains confident in this name. In our Tactical Alpha Growth (TAG) portfoilo at Inside Edge Capital, we hold a 1% allocation. I’m looking to increase this holding to a 2% allocation in the near future. -Todd Gordon, Founder of Inside Edge Capital , LLC DISCLOSURES: (Gordon owns HIMS in the growth portfolio at his wealth management company Inside Edge Capital, LLC.) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL’S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer.