They see potential upside from loss of exclusivity (LOE) events and expect substantial cash generation through 2028, potentially exceeding the company's market cap by then. Additionally, Collegium Pharmaceutical, Inc. (NASDAQ:COLL) recent $35 million accelerated share repurchase is part of a larger $150 million program, indicating strong financial health and commitment to returning value to shareholders. The company's products, including Belbuca® and Xtampza® ER, have shown growth in prescription numbers, further supporting the positive outlook. Overall, Jefferies' upgrade reflects confidence in Collegium Pharmaceutical, Inc. (NASDAQ:COLL) future growth and financial stability.