Hinge Health (HNGE) is "well positioned" to gain further market share within the $18.5 billion addressable digital care market, BofA Securities said in a report Monday.
Analysts at BofA highlighted Hinge Health's competitive advantages, including a customer roster of 2,250 companies-covering 42% of the Fortune 500 companies, as well as 438 care specialists, proprietary motion-tracking technology, and partnerships with over 50 healthcare organizations, including five of the largest US health plans.
The investment bank initiated coverage of the digital physical therapy provider with a buy rating and a $42 price target.
Shares of Hinge Health were up more than 3% in recent Monday trading.
Price: 35.93, Change: +1.08, Percent Change: +3.08
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