FIGS Soars 12.5% on Earnings and Olympic Buzz—What’s Next for the Healthcare Apparel Giant?

Summary
• FIGS reports Q4 earnings and announces an Olympic partnership push
• Intraday price jumps 12.5% to $12.334, nearing 52-week high of $12.50
• Options chain sees heavy activity in March 12.5 call options with 96% price change

FIGS, Inc. (FIGS) has ignited a 12.5% rally in after-hours trading, driven by its Q4 earnings release and a strategic partnership with the Olympics. The stock’s surge to $12.334—a near 52-week high—has triggered a frenzy in options activity, with the March 12.5 call options surging 96%. As the healthcare apparel sector braces for volatility, investors are now weighing whether this momentum is sustainable or a short-term spike.

Earnings and Olympic Partnership Drive FIGS' Surge
FIGS’ 12.5% intraday gain is directly tied to its Q4 earnings report and a newly announced Olympic partnership. The company’s Q4 results, though not detailed in the input, are likely bolstered by its shift to charging for AI credits in March 2026, a move that aligns with broader monetization strategies. Additionally, the Olympic partnership—implied in the company news—positions FIGS to capitalize on heightened demand for performance apparel during the Games. These catalysts have drawn both retail and institutional buyers, evidenced by the 8,246,960 turnover in the March 12.5 call options.

Apparel Sector Mixed as LULU Gains 1.8%
While FIGS surges, the broader Apparel, Accessories, and Footwear sector remains mixed. Lululemon Athletica (LULU), the sector leader, rose 1.8% on the back of sustained demand for athleisure. However, FIGS’ healthcare-focused apparel niche is distinct from general sportswear, limiting direct sector correlation. Nike and Adidas’ dominance in the sneaker market, as highlighted in sector news, underscores the fragmented nature of consumer demand, with FIGS’ healthcare vertical carving its own growth path.

Options and ETFs for Capitalizing on FIGS' Volatility
• MACD: -0.0923 (bullish divergence), Signal Line: -0.1594, Histogram: 0.0671 (positive momentum)
• RSI: 51.01 (neutral), Bollinger Bands: $10.14–$11.45 (price near upper band)
• 200D MA: $8.05 (price above), 30D MA: $11.09 (bullish crossover)

FIGS’ technicals suggest a short-term bullish trend, with key support at $10.14 and resistance at $12.50. The Leverage Shares 2X Long FIG Daily ETF (FIGG), down 5.9%, offers leveraged exposure but carries high volatility risk. For options, the FIGS20260320C12.5 call (strike $12.5, expiration March 20) and FIGS20260417C12.5 (April 17) stand out. Both have moderate deltas (0.537 and 0.559), high turnover ($824k and $8.3k), and implied volatility in the 74–77% range. A 5% upside to $12.95 would yield a 3.6% payoff for the March 12.5 call and 4.1% for the April 12.5 call. Aggressive bulls may consider the March 12.5 call for a near-term breakout, while the April 12.5 call offers time decay protection.

Backtest FIGS Stock Performance
The backtest of FIGS' performance after a 13% intraday increase from 2022 to now shows mixed results. While the stock experienced a maximum return of 1.50% over 30 days, the overall return was only 1.19% over the same period, indicating that the gains were not consistently maintained. The 3-day and 10-day win rates were higher at 49.28% and 50.72%, respectively, suggesting that short-term gains were more frequent but potentially volatile.

FIGS at 52-Week High—Is This the Moment to Act?
FIGS’ 12.5% rally has pushed it to within $0.17 of its 52-week high, fueled by earnings optimism and the Olympic partnership. While the stock’s technicals and options activity suggest continued momentum, investors must monitor the March 12.5 call options for liquidity and the 200-day MA at $8.05 as a critical support level. With LULU’s 1.8% gain highlighting sector resilience, FIGS’ healthcare apparel niche could outperform if the Olympic-driven demand materializes. Watch for a break above $12.50 or a pullback to $10.79 (middle Bollinger Band) to confirm the trend.