Collegium Pharmaceutical (COLL) has received a new Buy rating, initiated by H.C. Wainwright analyst, Brandon Folkes.
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Brandon Folkes has given his Buy rating due to a combination of factors including the promising growth potential of Jornay PM and the strong cash generation from Collegium Pharmaceutical’s established pain franchise. Jornay PM, acquired through the Ironshore Therapeutics transaction, has shown impressive growth with a 42% increase in prescriptions year-over-year in the second quarter of 2025, and a 15% rise sequentially from the first quarter of 2025. The company has raised its 2025 revenue guidance for Jornay to between $140 million and $145 million, highlighting its potential to significantly contribute to Collegium’s long-term growth.
Jornay PM’s differentiated evening dosing and targeted awareness campaigns are expected to help capture additional market share in the branded ADHD market. With exclusivity secured through at least 2032 and minimal near-term generic risk, Jornay is positioned as a key growth engine for the company. Additionally, Collegium’s legacy pain portfolio continues to generate substantial cash flow, supporting its capital deployment strategy focused on Jornay’s growth, external business development, and shareholder returns through buybacks. Despite concerns about potential generic competition, the market may be underestimating the long-term contributions of both Jornay and the mature pain franchise.
In another report released on August 8, Truist Financial also reiterated a Buy rating on the stock with a $45.00 price target.