That spot with the hair algae growing is dead skeleton. I dont think it will grow over it.
He looks healthy except for the hole. Actually it looks like theres another small hole in the middle of the picture. I dont think theres anything you can do about the dead part. It will still grow.
Did it get stung by another coral or has a fish bit the coral? Be careful some corals look harmless but have longggg stinger tentacles that only come out sometime.
Did you dip this coral before putting it in?
What lights do you have again?