Collegium Pharmaceutical upgraded to Buy from Hold at Needham

Needham upgraded Collegium Pharmaceutical (COLL) to Buy from Hold with a $46 price target The analyst cites the company’s topline and adjusted EBITDA 2025 guidance coming in above the firm’s and consensus estimates. The firm also believes that the stock’s current valuation fails to reflect Collegium’s top-line growth, profitability and cash-flow generation, all of which have been enhanced by the addition of Jornay PM and its expected $135M top-line contribution while noting that the continued growth and duration of the pain portfolio remain underappreciated.