Hims & Hers Health Inc (NYSE:HIMS) shares are trading higher Monday. The company is set to join to the S&P SmallCap 600 this week.

What To Know: Hims & Hers Health shares are moving higher in anticipation of the company joining the S&P SmallCap 600 prior to the opening of trading on Wednesday. Hims & Hers Health shares jumped about 5% on the announcement late last week.

Hims & Hers will replace Vector Group, which is being acquired by JT Group in a deal expected to close pending final conditions.

Hims & Hers Health shares also appear to be bouncing back after falling toward the end of last week after the U.S. Food and Drug Administration removed Eli Lilly's Mounjaro and Zepbound from the weight-loss and diabetes drugs shortage list.

The FDA said in a statement last week that Eli Lilly's supply can now keep up with current demand. Mounjaro had been on the regulator's shortage list since late 2022. Zepbound had been on the list since April. Hims & Hers Health shares fell on the news as the company sells cheaper versions, known as compounded drugs.

How To Buy HIMS Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Hims & Hers Health's case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

HIMS Price Action: Hims & Hers Health shares were up 5.32% at $18.60 at the time of publication, according to Benzinga Pro.

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