Shares of Collegium Pharmaceutical Inc (NASDAQ:COLL) are surging in late afternoon trading today as the rumor mill continues to swirl. While shares are trading up over 14% on the day, a downgrade today by Zacks Investment Research from a ‘hold’ to a ‘sell’ rating has seemingly been ignored by the vast majority of traders.
As shares of Collegium Pharmaceutical Inc (NASDAQ:COLL) hit new 52-week-highs investors wonder just what the reason behind today’s price spike may be. While many traders speculate that a buyout could be in the works, there is little info to back this speculation up. At the same time other rumors are swirling that Collegium Pharmaceutical Inc (NASDAQ:COLL) may be in the process of reaching a settlement in their patent dispute with Purdue Pharmaceuticals L.P. after recent news indicates that a partial stay has been granted in the case.The stock is currently trading higher by 14.27% or $3.62 following the positive news, hitting $29.03 per share at the time of us publishing this article. About 215,935 shares traded hands or up 42.66% from the average. COLL has risen 50.27% since May 27, 2015 and is currently uptrending. It has outperformed the S&P500 by 52.39%.
Collegium Pharmaceutical, Inc. is a specialty pharmaceutical company. The company has a market cap of $527.25 million. The Firm is developing and planning to commercialize abuse-deterrent products that include its DETERx platform technology for the treatment of chronic pain and other diseases. It currently has negative earnings. The Company’s lead product candidate, Xtampza ER is an abuse-deterrent, extended-release, oral formulation of oxycodone, opioid medication.