The insider sales are routine director-level diversification and do not signal bearish conviction. The strong Q1 earnings and reaffirmed guidance support the current business trajectory. Monitor the AZSTARYS acquisition close and any post-close guidance update for the combined entity.
Price Chart
Executive Summary
Two directors at Collegium Pharmaceutical sold a combined $485K in open-market stock within 11 days of the company reporting strong Q1 2026 earnings (revenue +9% YoY, JORNAY PM +36%). The sales are small relative to the $1.1B market cap (~0.04%) and are not clustered with C-suite insiders, making them routine diversification trades rather than informed selling. The earnings report reaffirmed full-year guidance and highlighted the pending AZSTARYS acquisition, which is expected to close in Q2 2026.
Key Financial Metrics
Key Facts
- Two directors sold a total of $485K in open-market shares over 4 days (May 11-13, 2026).
- Sales represent ~0.04% of Collegium's $1.1B market cap — immaterial.
- No C-suite insiders (CEO, CFO, etc.) sold shares in the cluster.
- Q1 2026 earnings (filed May 7) showed net revenue of $193.5M (+9% YoY) and JORNAY PM revenue of $38.9M (+36% YoY).
- Full-year 2026 guidance reaffirmed: Product Revenues $805-825M, Adjusted EBITDA $455-475M.
- Pending AZSTARYS acquisition for $650M cash expected to close in Q2 2026.
Financial Impact
Insider sales of $485K are trivial relative to $1.1B market cap — no material financial impact.
Risk Factors
- AZSTARYS acquisition integration risk and $650M cash outlay could pressure balance sheet.
- Pain portfolio revenue growth is modest (+4% YoY) and faces generic competition risk.
- Historical model calls on COLL have underperformed (avg T+20 alpha -11.9%), suggesting caution on directional bets.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-COLL-1779135356733 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 19, 2026 6w ago | Court Ruling | $28.74 $22.38 | ▼ −22.13% | ▼ −20.18% | $22.07 (−23.21%) |
Aug 13, 2026 7w ago | 8-K | $28.15 $22.75 | ▼ −19.18% | ▼ −17.44% | $22.07 (−21.60%) |
Aug 6, 2026 8w ago | 8-K | $29.11 $23.70 | ▼ −18.58% | ▼ −19.18% | $22.07 (−24.18%) |
May 15, 2026 19w ago | Insider Cluster | $33.65 $34.65 | ▲ +2.97% | ▲ +1.39% | $22.07 (−34.41%) |
May 12, 2026 20w ago | Press Release | $35.69 $34.80 | ▼ −2.49% | ▼ −0.77% | $22.07 (−38.16%) |
May 11, 2026 20w ago | 144 | $35.81 $34.40 | ▼ −3.94% | ▼ −3.63% | $22.07 (−38.37%) |
Apr 23, 2026 23w ago | Press Release | $32.28 $34.22 | ▲ +6.01% | ▲ +1.38% | $22.07 (−31.63%) |
Apr 7, 2026 25w ago | 8-K | $33.43 $35.32 | ▲ +5.65% | ▼ −2.89% | $22.07 (−33.98%) |
Mar 19, 2026 28w ago | Press Release | $36.30 $34.41 | ▼ −5.21% | ▼ −12.83% | $22.07 (−39.20%) |
Mar 3, 2026 30w ago | Press Release | $39.99 $33.07 | ▼ −17.30% | ▼ −12.90% | $22.07 (−44.81%) |
US Market Status
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