William Blair analyst Tim Lugo reiterated an Outperform rating on Collegium Pharmaceutical (NASDAQ: COLL) following Q3 results which showed Xtampza ER sales for the third quarter came in at $11.95 million, well above our expectation of $4.8 million and consensus of $5.3 million. Lugo notes that even if the one-time increase removed, sales would have come in at $7.6 million, still above both our and consensus estimate.

"With a strengthened formulary position at Cigna, Humana, UnitedHealth, and others as well as an improved label and associated marketing plan, we anticipate accelerated sales growth in 2018," Lugo added.

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Shares of Collegium Pharmaceutical closed at $10.03 yesterday.