CNBC's Jim Cramer on Wednesday gave his take on Hims & Hers Health, a digital platform that offers telehealth services, particularly for sexual health, mental health, weight loss and skin care. Hims & Hers also provides direct-to-consumer treatments for conditions like erectile dysfunction and hair loss. Cramer suggested it might be worth starting a position in the stock now that it's pulled back some from recent highs.

"I'd never recommend paying up for HIMS after that big run to $25, but now that it's pulled back to $20, I think you can justify building a position here, especially if you buy it gradually on the way down and don't place all your hopes on the temporary GLP-1 business, even as it is incredibly strong," he said.

Fairly new to the market, Hims & Hers seems to have hit its stride this year, seeing major gains after an earnings beat in February where management gave bullish guidance. The company reported another solid quarter in May, and shares popped a few weeks later when it announced it would begin offering compounded GLP-1 weight loss injections at lower prices than the branded medication. The stock is currently up more than 126% year-to-date.

The company is allowed to sell these copycat drugs because there is a significant shortage of the medication. Cramer pointed out that even though this particular revenue stream is temporary, it may be a while before GLP-1 supply catches up with the demand. Hims & Hers said it eventually plans to give customers access to the branded drugs — currently produced by pharmaceutical giants Eli Lilly and Novo Nordisk — but Cramer suggested this could hurt its margins.

But he said there is still reason to believe the company can succeed regardless of the GLP-1 offerings.

"While it makes sense that the stock roared on this compounded GLP-1 news, I don't love that it's now trading on what's essentially a temporary business," he said. "However, I liked Hims & Hers before this whole GLP-1 dalliance sent it into the stratosphere. Those great first quarter numbers didn't have any benefit from knock-off GLP-1s, and I bet the business stays strong."

"We believe everyone should have access to the care they need and deserve, which is why we're working to make these incredible medications more accessible for the millions of Americans who can greatly benefit from them but cannot access them today," a representative for Hims & Hers told CNBC.

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