Morgan Stanley analyst Craig Hettenbach maintained a Buy rating on Omada Health, Inc. today and set a price target of $30.00.
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Craig Hettenbach has given his Buy rating due to a combination of factors including significant growth in Omada Health’s app downloads, which increased by 81% year-over-year in the third quarter. This surge in downloads suggests a potential increase in net new member additions, surpassing previous estimates. The data indicates that Omada is gaining a competitive edge over its peers, which is a positive sign for future growth.
Furthermore, the recent disclosure of the GLP-1 Care Track program, which now includes 100,000 members, double the number reported earlier in the year, supports the expectation of continued member growth. The momentum in app downloads and the strong performance relative to competitors provide a solid foundation for the Buy rating, as these factors are likely to drive further market share gains and enhance Omada’s position in the healthcare technology sector.
In another report released on October 8, Evercore ISI also maintained a Buy rating on the stock with a $27.00 price target.