Collegium Pharmaceutical (COLL) PT Lowered to $26 at Needham & Company

Needham & Company analyst Serge Belanger lowered the price target on Collegium Pharmaceutical (NASDAQ: COLL) to $26.00 (from $32.00) while maintaining a Buy rating.

The analyst commented, "Xtampza struggled in 3Q21 with sales of $30.0MM (-9%Q/Q and -7%Y/Y) due to higher GTNs of ~73% (vs. 69.5% in 2Q21) and flat Rx growth. Lower patient visits, still 30% below pre-pandemic levels, are curbing product switching. COLL expects GTNs to eventually improve to the 65%-range, via improved business mix and improved contract economics, but not until 2023. Xtampza growth for 2022 remains uncertain given the addition of only 3MM covered lives to exclusive contracts and an increased reliance on growing Rxs in parity plans. On the other hand, market dynamics continue to benefit Nucynta to offset the Xtampza weakness. COLL remains active in the market with its $100MM share repurchase program. We maintain our Buy rating but adjust our $PT to $26 (from $32) to reflect Xtampza's growth struggles."

You May Also Be Interested In

• Kepler Cheuvreux Upgrades Entain PLC (ENT:LN) (GMVHF) to Buy
• Aon Corp (AON) PT Raised to $417 at Keefe, Bruyette & Woods
• Medtronic, Inc. (MDT) PT Raised to $100 at BTIG