Collegium Pharmaceutical (NASDAQ:COLL) Shares Gap Down Following Weak Earnings

Collegium Pharmaceutical, Inc. (NASDAQ:COLL) gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $45.75, but opened at $41.75. Collegium Pharmaceutical shares last traded at $44.0720, with a volume of 80,708 shares trading hands.

The specialty pharmaceutical company reported $2.04 EPS for the quarter, missing analysts’ consensus estimates of $2.20 by ($0.16). Collegium Pharmaceutical had a net margin of 7.72% and a return on equity of 102.03%. The firm had revenue of $205.45 million for the quarter, compared to the consensus estimate of $206.36 million. During the same period last year, the company posted $1.77 EPS. The business’s revenue was up 12.9% compared to the same quarter last year.

Key Headlines Impacting Collegium Pharmaceutical

Here are the key news stories impacting Collegium Pharmaceutical this week:

• Positive Sentiment: Recorded revenue growth — Collegium reported Q4 net revenues of $205.4M (up 13% YoY) and a record full-year $780.6M (up 24% YoY), supporting the company’s top-line momentum. Collegium Reports Fourth Quarter and Full-Year 2025 Financial Results
• Positive Sentiment: Growth outlook for Jornay PM — management is targeting ~31% Jornay revenue growth for 2026 and is highlighting efforts to expand and “durabilize” its pain portfolio, which could underpin future organic revenue gains. Collegium targets 31% Jornay revenue growth for 2026 while advancing pain portfolio durability
• Positive Sentiment: ESG / brand-building activation — the company announced a partnership with Boston Legacy FC focused on sensory inclusion, which supports Collegium’s ESG narrative and patient-facing brand initiatives. Collegium Partnership With Boston Legacy FC Backs Sensory Inclusion And ESG Story
• Neutral Sentiment: Analyst price-target adjustment — Needham trimmed its price target from $56 to $54 but kept a Buy rating, signaling continued analyst confidence despite the recent miss. Analyst Price Target Adjustment
• Neutral Sentiment: Earnings call details available — management held a Q4 call and released a transcript and slide deck; investors should review for color on margin drivers, channel inventory and timing of promotional activity. Collegium Pharmaceutical, Inc. (COLL) Q4 2025 Earnings Call Transcript
• Negative Sentiment: EPS and revenue missed estimates — Q4 EPS was $2.04 vs. the Street ~ $2.20, and revenue ($205.45M) was marginally below expectations; misses prompted the immediate pullback. Collegium Pharmaceutical (COLL) Q4 Earnings and Revenues Miss Estimates
• Negative Sentiment: Guidance is mixed/tepid — FY26 revenue guidance (~$805M–$825M) is roughly in line with consensus but not clearly upside; EPS guidance was not a clear beat and left uncertainty around margins and free cash flow. Collegium Reports Fourth Quarter and Full-Year 2025 Financial Results
• Negative Sentiment: Market reaction and volume — shares are lower with above-average trading volume as investors digest the EPS miss and guidance nuance; near-term sentiment appears cautious. Q4 2025 Earnings Call Summary

Analysts Set New Price Targets

Several brokerages have issued reports on COLL. HC Wainwright reissued a “buy” rating and issued a $60.00 price target (up from $46.00) on shares of Collegium Pharmaceutical in a research note on Friday, January 9th. Needham & Company LLC dropped their target price on shares of Collegium Pharmaceutical from $56.00 to $54.00 and set a “buy” rating on the stock in a research report on Thursday. Wall Street Zen raised shares of Collegium Pharmaceutical from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Collegium Pharmaceutical in a research note on Monday, December 29th. Finally, Barclays dropped their price objective on shares of Collegium Pharmaceutical from $58.00 to $56.00 and set an “overweight” rating on the stock in a report on Friday, January 9th. Five equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Collegium Pharmaceutical presently has an average rating of “Moderate Buy” and a consensus price target of $53.00.

Insider Transactions at Collegium Pharmaceutical

In related news, Director Rita J. Balice-Gordon sold 3,650 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $47.03, for a total value of $171,659.50. Following the transaction, the director owned 52,629 shares of the company’s stock, valued at approximately $2,475,141.87. This trade represents a 6.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Dreyer sold 17,600 shares of Collegium Pharmaceutical stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $48.17, for a total value of $847,792.00. Following the transaction, the executive vice president owned 103,613 shares of the company’s stock, valued at $4,991,038.21. This trade represents a 14.52% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 2.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of COLL. Illinois Municipal Retirement Fund boosted its position in shares of Collegium Pharmaceutical by 1.6% during the third quarter. Illinois Municipal Retirement Fund now owns 17,281 shares of the specialty pharmaceutical company’s stock valued at $605,000 after buying an additional 278 shares during the last quarter. Vident Advisory LLC boosted its holdings in Collegium Pharmaceutical by 1.9% during the 3rd quarter. Vident Advisory LLC now owns 15,466 shares of the specialty pharmaceutical company’s stock worth $541,000 after acquiring an additional 281 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in Collegium Pharmaceutical by 4.2% during the 4th quarter. Quadrant Capital Group LLC now owns 6,996 shares of the specialty pharmaceutical company’s stock worth $324,000 after acquiring an additional 282 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Collegium Pharmaceutical by 9.6% in the 4th quarter. GAMMA Investing LLC now owns 3,262 shares of the specialty pharmaceutical company’s stock worth $151,000 after acquiring an additional 285 shares in the last quarter. Finally, Atom Investors LP raised its holdings in shares of Collegium Pharmaceutical by 5.0% in the fourth quarter. Atom Investors LP now owns 6,124 shares of the specialty pharmaceutical company’s stock valued at $284,000 after purchasing an additional 294 shares during the last quarter.

Collegium Pharmaceutical Stock Performance

The company has a debt-to-equity ratio of 2.71, a current ratio of 1.36 and a quick ratio of 1.27. The company’s fifty day moving average price is $46.65 and its 200 day moving average price is $42.00. The company has a market cap of $1.40 billion, a PE ratio of 27.47 and a beta of 0.64.

Collegium Pharmaceutical Company Profile

Collegium Pharmaceutical, Inc is a specialty pharmaceutical company focused on the development, manufacture and commercialization of products for pain management and opioid dependence. The company’s core expertise lies in its DETERx microsphere technology, a platform designed to provide extended-release delivery of active pharmaceutical ingredients while deterring manipulation for unintended routes of abuse.

The company’s principal marketed products include Xtampza® ER (extended-release oxycodone), which received approval from the U.S.