Hinge Health Stock Rises After Analysts Back the May IPO’s Shares

Wall Street analysts are backing a May IPO that has seen its stock waver since it hit the market.

Shares of Hinge Health rose Monday after Wall Street analysts backed the stock, which remains above the price at which the company first sold shares to the public last month but has dropped below where it started trading on IPO day. 

Hinge (HNGE), a digital physical therapy provider not to be confused with the digital dating service, was recently up 3% to about $36. That compares well with the company’s $32-per-share IPO price—but less favorably with the $39.25 at which it opened its first session. (Read Investopedia’s full coverage of today’s trading here.)

Morgan Stanley started coverage with an “overweight” rating and a $46 target, while Bank of America now has a “buy” rating and a $42 target. (The shares’ current intraday high, just under $44, was set just a few days after the IPO; their intraday low, below $34, came last week.) 

Bank of America says the company’s addressable market is worth more than $18 billion. 

Digital-health companies with “technology-driven platforms, experienced leadership teams, underpenetrated [total addressable markets] and low customer concentration stand the best chance of success to transition from the private to public markets,” Morgan Stanley wrote. “Hinge Health checks the right boxes.”