Cardiome Pharma Corporation (NASDAQ:CRME) Cut to Strong Sell at ValuEngine

ValuEngine cut shares of Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) from a sell rating to a strong sell rating in a report issued on Friday, September 1st.

Several other equities research analysts have also recently weighed in on the company. Zacks Investment Research upgraded Cardiome Pharma Corporation from a sell rating to a hold rating in a report on Tuesday, May 9th. Canaccord Genuity set a $8.00 price objective on Cardiome Pharma Corporation and gave the stock a buy rating in a report on Monday, August 21st. Finally, HC Wainwright set a $10.00 price objective on Cardiome Pharma Corporation and gave the stock a buy rating in a report on Tuesday, August 22nd. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The company has an average rating of Hold and an average price target of $5.90.

Cardiome Pharma Corporation (CRME) opened at 2.20 on Friday. The company’s market cap is $74.36 million. Cardiome Pharma Corporation has a 12 month low of $2.09 and a 12 month high of $4.84. The company’s 50-day moving average is $3.03 and its 200-day moving average is $3.53.

Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last issued its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.08). The company had revenue of $5.75 million for the quarter, compared to analysts’ expectations of $6.88 million. Cardiome Pharma Corporation had a negative net margin of 110.95% and a negative return on equity of 78.51%. The company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.37) earnings per share. On average, equities research analysts anticipate that Cardiome Pharma Corporation will post ($0.69) earnings per share for the current year.

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Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its stake in shares of Cardiome Pharma Corporation by 17.9% in the 1st quarter. Renaissance Technologies LLC now owns 253,413 shares of the biopharmaceutical company’s stock valued at $763,000 after purchasing an additional 38,400 shares during the period. JPMorgan Chase & Co. increased its position in Cardiome Pharma Corporation by 37.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 155,095 shares of the biopharmaceutical company’s stock valued at $701,000 after buying an additional 42,416 shares in the last quarter. Knott David M bought a new position in Cardiome Pharma Corporation during the 1st quarter valued at approximately $230,000. AlphaOne Investment Services LLC increased its position in Cardiome Pharma Corporation by 14.9% during the 2nd quarter. AlphaOne Investment Services LLC now owns 632,739 shares of the biopharmaceutical company’s stock valued at $2,860,000 after buying an additional 82,027 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its position in Cardiome Pharma Corporation by 8.0% during the 2nd quarter. Westfield Capital Management Co. LP now owns 5,286,340 shares of the biopharmaceutical company’s stock valued at $23,894,000 after buying an additional 391,392 shares in the last quarter. Institutional investors own 55.12% of the company’s stock.

About Cardiome Pharma Corporation

Cardiome Pharma Corp. (Cardiome) is a specialty pharmaceutical company. The Company is engaged in the development and commercialization of cardiovascular therapies for heart disease. The Company’s segments are Europe and Rest of World. Cardiome has two marketed, in-hospital, cardiology products, which include BRINAVESS (vernakalant IV), approved in Europe and other territories for the conversion of onset atrial fibrillation (AF) to sinus rhythm in adults, and AGGRASTAT (tirofiban hydrochloride (HCl)), indicated for use in patients with acute coronary syndrome.

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Analyst Recommendations for Cardiome Pharma Corporation (NASDAQ:CRME)

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