Analyst Raises Collegium Pharmaceutical Price Target by 19.4% with Strong Buy Rating

Truist Securities's Gregg Gilbert raised their price target on Collegium Pharmaceutical (NASDAQ: COLL) by 19.4% from $31 to $37 on 2024/01/04. The analyst maintained their Strong Buy rating on the stock.

According to Collegium Pharmaceutical's financial guidance update released on January 3, 2024, management successfully renegotiated with Xtampza ER payors, leading to the analyst's price target increase. Gilbert commented, "Collegium pulled all the right levers in 2023 to maximize shareholder value."

In addition to Truist Securities, other analysts also updated their ratings and price targets for COLL on January 4, 2024. Jefferies's Glen Santangelo raised their price target by 23.3%, from $30 to $37, but downgraded their rating on the stock from Strong Buy to Hold. Meanwhile, Needham's Serge Belanger raised their price target by 11.1%, from $36 to $40, and maintained their Buy rating on the stock.

Currently, 100% of top-rated analysts rate COLL as a Strong Buy or Buy, with no analysts considering it a Hold. Furthermore, no analysts recommend or strongly recommend selling the stock.

Looking at COLL's performance, the stock price has increased by 44.7% since its last quarterly report on September 30, 2023. On a year-over-year basis, the stock is up 19.8%. However, during this period, COLL has slightly trailed behind the S&P 500, which has seen a gain of 21.7%.

Truist Securities analyst Gregg Gilbert holds an impressive ranking by WallStreetZen, placing in the top 15% out of 4,440 Wall Street analysts. With an average return of 14.6% and a 63.3% win rate, Gilbert specializes in the Energy and Healthcare sectors.

Collegium Pharmaceutical, Inc., headquartered in Stoughton, Massachusetts, is a specialty pharmaceutical company focused on pain management. Among its portfolio of medicines are Xtampza ER, an abuse-deterrent, extended-release formulation of oxycodone, and Nucynta ER and Nucynta IR, which are extended-release and immediate-release formulations of tapentadol. Xtampza ER is specifically indicated for the management of pain severe enough to require daily, around-the-clock, long-term opioid treatment. The company was initially known as Collegium Pharmaceuticals, Inc. before changing its name in October 2003. Collegium Pharmaceutical, Inc. was incorporated in 2002.

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