Jefferies upgraded Collegium Pharmaceutical to Buy from Hold with a price target of $44, up from $41. With the shares trading at just four-times EBITDA post the CEO departure, the risk/reward skews to the upside, the analyst tells investors in a research note. The firm’s more bullish view is driven by a belief that Collegium’s Q2 trends look strong and consensus EBITDA estimates are too low. It says upside around loss of exclusivities is underappreciated an that the company’s cash generation through 2028 is significant.
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