Piper Sandler Reiterates Overweight Rating on Hinge Health Inc (HNGE)

Piper Sandler analyst Jessica Tassan reiterated an Overweight rating and $70.00 price target on Hinge Health Inc (NYSE: HNGE).

The analyst commented: "We hosted a small meeting with Head of IR Bianca Buck last week at HNGE HQ. We highlight three important takeaways below and reiterate our OW rating, $70 PT.

HNGE has two deep and defensible moats: tech and commercial strategy. HNGE’s tech is owned, proprietary and patent protected. The stack includes TrueMotion, HNGE’s AI-powered and interactive 3D motion tracking technology that runs on the edge, boasts best is class KPIs (acceleration time, missed frames, mean joint angle error), and works on over 90.0% of personal devices; Enso, HNGE’s FDA cleared wearable device that leverages unique wave forms to allow higher currents and longer use time with less discomfort; and an AI powered software engine that integrates with EHRs and health plans to derive patient specific insights that inform the care plan and optimize engagement/ clinical outcomes.

We think there is conservatism embedded in the revised CY25 guide (see interim app download analysis on page 7 here), but believe HNGE faces some tougher y/y compares in the back half. We do not currently expect the magnitude of the 2Q25 beat to repeat. We believe that 1H24 yields, revenues and billings were suppressed by broadbased employer constraints on digital health marketing. HNGE began to contract around these constraints starting in 2H24, setting up 2H25 for somewhat tougher y/y comps.

We expect a qualitative selling season update on 3Q25 call; and a 4Q25 step-up in contracted lives, which inform T12 eligible lives and will allow us to evaluate CY26 outlook under different yield scenarios. We think this positive catalyst path, continued fundamental strength on deep and defensible moats, and conservative CY25 guide/ CY26E consensus can buoy the stock despite lockup expiry 11/18/25."

For an analyst ratings summary and ratings history on Hinge Health Inc click here. For more ratings news on Hinge Health Inc click here.

Shares of Hinge Health Inc closed at $57.57 yesterday.

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