Wells Fargo analyst Shagun Singh initiated coverage of SeaSpine Holdings with an Outperform rating and $22 price target. SeaSpine is a "pure-play medical device company" focused on treating patients suffering from spinal disorders, Singh tells investors in a research note. The analyst believes the company is positioned to continue its growth trajectory as a stand-alone entity and strategically as a "strong" number three player in the $450M U.S. demineralized bone matrices market. SeaSpine currently trades at a discount to its peers despite entering a period of sustainable long-term growth, says the analyst.