Jefferies downgraded Collegium Pharmaceutical to Hold from Buy with a price target of $37, up from $30. The analyst cites valuation for the downgrade with the shares up 50% in the last two months. Collegium gave a strong 2024 EBITDA guide and announced more share buybacks, but the stock’s risk/reward appears balanced at current levels, the analyst tells investors in a research note. The firm thinks expectations for potential business development combined with loss of exclusivity overhangs could limit meaningful upside until after any deal is announced.
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