Hinge Health, Inc. (NASDAQ: HNGE) is not your typical health information services company. It has health care software for joint and muscle health to address musculoskeletal care, acute injury, chronic pain and post-surgical rehabilitation. And its stock rose immediately after its initial public offering priced at $32.00. After a %37.56 close on its first day of trading (May 22), it has traded as high as $41.00 before more recently settling in around $36.00.
Wall Street’s quiet period has now ended and firms have unilaterally lined up with much higher targets. If Wall Street is correct, then there is much more upside as all firms but one have targets above the prior high.
Oggonomics always reminds is readers that no single analyst report should ever be the sole basis to buy or sell a stock. This is particularly true for aggressive “Buy” and “Outperform” ratings in a group. Investors have to do their own research because research analysts sometimes get their thesis wrong just like the rest of us.
Here are the analyst calls that have been seen so far with price targets listed for each call:
- Barclays initiated coverage as Overweight with a $43 price target.
- Canaccord Genuity initiated coverage as Buy with a $52 price target.
- Evercore ISI initiated coverage as Outperform with a $50 price target.
- KeyBanc Capital Markets initiated coverage as Overweight with a $45 price target.
- Morgan Stanley initiated coverage as Overweight with a $46 price target.
- Needham & Co. initiated coverage as Buy with a $47 price target.
- Piper Sandler initiated coverage as Overweight with a $41 price target.
- Raymond James initiated coverage as Outperform with a $45 price target.
- RBC Capital Markets initiated coverage as Outperform with a $45 price target.
- Stifel initiated coverage as Buy with a $48 price target.
- Truist Securities initiated coverage as Buy with a $48 price target.
BofA Securities was one of the lead underwriters in the syndicate and its research report summary has not yet been seen.
Hinge closed at $34.85 on Friday and was last seen trading up 3.6% at $36.10 on Monday morning with a $2.8 billion market cap. The new consensus (mean) analyst price target using the 11 analyst target prices above would be $46.36.
All analyst ratings and price targets mentioned above were issued by each firm named. Oggonomics does not have any formal rating nor any price target of its own on Hinge’s stock. Also please remember that none of these analyst reports, even those with the strongest conviction or implied upside, ever comes with any guarantees of profits and they never contain money-back guarantees in case you lose money.
