Needham & Company Reiterates Buy on Collegium Pharma (COLL) Following Investor Meetings
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Needham & Company reiterated a Buy rating and $30.00 price target on Collegium Pharmaceutical (NASDAQ: COLL) after hosting the company's management team for investor meetings. Investor inquiries centered on the ongoing launch of Xtampza ER. Xtampza launched in mid-June with a sales force of 118 retail reps and an additional 24 reps for institutions and long-term care facilities. It is currently available on most formularies. Xtampza's abuse-deterrent features and flexible dosing administration are appealing to hospitals and LTC facilities
Analyst Serge Belanger commented, "We hosted COLL's management team for a series of investor meetings in New York last week. As expected, investor inquiries centered on the ongoing launch of Xtampza ER and what to expect between now and YE16, and into 2017, in terms of marketing activities and payor coverage to drive Rx growth. Initial Rx levels of Xtampza ER have been underwhelming but not surprising given the timing of the initial launch in mid-June and the expected summer softness. The only real disappointment thus far is the continuing delay for FDA approval of promotional materials, which has limited COLL's ability to disseminate Xtamza's attributes. The key to a successful Xtampza launch remains gaining access to payor formularies. COLL is currently in negotiations and could announce key wins over the next few months, for key formulary changes that will take effect in January 2017. The slow and steady launch of Xtampza ER should see an uptick in the coming months as COLL rolls out its full launch program ahead of a bigger inflection point in Rx growth expected in 2017. We maintain our Buy rating and PT$30."
Shares of Collegium Pharmaceutical closed at $9.31 yesterday.
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