Hinge Health initiated with an Outperform at Evercore ISI

Evercore ISI analyst Elizabeth Anderson initiated coverage of Hinge Health (HNGE) with an Outperform rating and $50 price target Hinge offers virtual physical therapy for musculoskeletal problems, broadening access to patients, the analyst tells investors in a research note. The firm says the company’s multi-condition offering has proven attractive to employers and health plans as it drives hard dollar cost savings through either an annual subscription or utilization-based model for $900 per year. Evercore believes Hinge has “multiple levers” to continue to grow 20% annually as it attracts new customers and increases penetration within existing ones.