Hinge Health initiated with an Overweight at KeyBanc

KeyBanc analyst Scott Schoenhaus initiated coverage of Hinge Health (HNGE) with an Overweight rating and $45 price target which represents 29% upside from current levels. The firm sees Hinge as the “clear leader” in digital therapy for musculoskeletal conditions, one of the “largest and costliest healthcare markets that is still largely underserved.” The company’s platform could also be utilized to serve other areas of healthcare, the analyst tells investors in a research note. Given the 17% pullback in the stock since the initial surge post initial pubic offering, KeyBanc views the shares as undervalued and attractive.