Phyrexian Metamorph has a converted mana cost of 4, and is thus can't be brought out by Collected Company. If the two were to enter the battlefield at the same time through a legal means, it wouldn't work because clone effects have to "see" their selected card already on the battlefield.
From Gatherer:
6/1/2011 If Phyrexian Metamorph somehow enters the battlefield at the same time as another permanent (due to Mass Polymorph or Liliana Vess’s third ability, for example), Phyrexian Metamorph can’t become a copy of that permanent. You may only choose a permanent that’s already on the battlefield.
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From Gatherer:
6/1/2011 If Phyrexian Metamorph somehow enters the battlefield at the same time as another permanent (due to Mass Polymorph or Liliana Vess’s third ability, for example), Phyrexian Metamorph can’t become a copy of that permanent. You may only choose a permanent that’s already on the battlefield.