Collegium Pharmaceutical (COLL) should benefit from continued strength in its attention-deficit/hyperactivity disorder drugs, limited near-term generic risk for Belbuca and stable pricing trends, while concerns around Nucynta and short interest appear manageable, Oppenheimer said in a note emailed Friday.

A generic version of the pain drug Belbuca looks unlikely in January 2027, as Teva (TEVA) can launch under a 2018 deal but has no approval and gave up its right to launch first, while rival Alvogen is barred until December 2032, according to the note.

Low pricing for an authorized generic of Nucynta is a one-off and does not point to future prices for Collegium's other drugs, and the pricing has stabilized, which is already in the company's guidance, the investment firm said.

Strong back-to-school demand for ADHD drugs Jornay and Azstarys supports Collegium's sales targets, with Jornay needing $105 million to $115 million of revenue in H2 to reach its $190 million to $200 million goal and Azstarys on track for $65 million to $75 million, the investment firm added.

Oppenheimer kept its outperform rating and $50 price target, citing on-track fundamentals and overdone Nucynta debates.

Price: 22.35, Change: +0.24, Percent Change: +1.09