Hinge Health price target raised to $61 from $52 at Canaccord

Canaccord raised the firm’s price target on Hinge Health (HNGE) to $61 from $52 and keeps a Buy rating on the shares. The firm said as expected, the company proved that estimates were conservative with a notable beat and raise on all financial metrics across the board. Management commentary indicated higher eligible lives (new and existing clients) and better-than-expected enrollment yields drove increased members, billings, and ultimately an acceleration of revenue growth to 55% in 2Q.