Form 4: Rubric Capital Sells COLL Shares

Rubric Capital Management LP and David Rosen reported the sale of 25,000 shares of Collegium Pharmaceutical common stock at a weighted average price of $37.85.

Summary

• Rubric Capital Management LP and David Rosen, both 10% owners and David Rosen also a Director, reported a sale of Collegium Pharmaceutical, Inc. (COLL) common stock.
• On August 13, 2025, 25,000 shares of common stock were sold.
• The shares were sold at a weighted average price of $37.85, with individual transactions ranging from $37.71 to $38.10.
• Following this transaction, the reporting persons indirectly beneficially own 3,132,743 shares of Collegium Pharmaceutical common stock.
• Rubric Capital Management LP serves as the investment adviser to the funds/accounts (Rubric Vehicles) holding these securities, and David Rosen is the Managing Member of Rubric Capital Management GP, LLC, the general partner of Rubric Capital.

Sentiment

Score: 4

Explanation: The sale of shares by a significant owner and director, while potentially for various reasons (diversification, liquidity), is generally viewed with slight negative sentiment by the market as it could signal a belief that the stock's upside is limited or that it is overvalued.

Negatives

• A 10% owner and director, Rubric Capital Management LP and David Rosen, sold 25,000 shares of Collegium Pharmaceutical common stock. Insider selling can sometimes be perceived negatively by the market.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders may interpret the insider sale as a negative signal regarding the company's future prospects or stock valuation.

Key Dates

Recommendation

While the sale by a 10% owner and director could be perceived negatively, the transaction size (25,000 shares) is relatively small compared to the remaining beneficial ownership (3.13 million shares). This suggests it might be for personal liquidity or portfolio rebalancing rather than a strong negative signal about the company's fundamentals. Investors should hold and monitor future insider activity and company performance.

Keywords

Collegium Pharmaceutical, COLL, Rubric Capital Management, David Rosen, Insider Trading, Form 4, Stock Sale, Beneficial Ownership, Pharmaceuticals