Cardiome Pharma Corporation (NASDAQ:CRME) Cut to “Sell” at Zacks Investment Research
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Cardiome Pharma Corp. is a product-focused cardiovascular drug development company with two clinical drug programs focused on atrial arrhythmia (intravenous and oral dosing), and a pre-clinical program directed at improving cardiovascular function. “
Shares of Cardiome Pharma Corporation (NASDAQ CRME) traded down 0.44% during trading on Tuesday, hitting $4.48. The company had a trading volume of 33,106 shares. The stock’s 50-day moving average price is $3.95 and its 200 day moving average price is $3.23. Cardiome Pharma Corporation has a 52 week low of $2.35 and a 52 week high of $5.48. The company’s market capitalization is $143.03 million.
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last posted its quarterly earnings data on Monday, May 15th. The biopharmaceutical company reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.05. Cardiome Pharma Corporation had a negative net margin of 105.93% and a negative return on equity of 86.01%. The business had revenue of $5.19 million for the quarter, compared to analysts’ expectations of $6.96 million. During the same quarter in the previous year, the firm earned ($0.06) EPS. Cardiome Pharma Corporation’s revenue was down 26.8% compared to the same quarter last year. On average, equities research analysts forecast that Cardiome Pharma Corporation will post ($0.61) earnings per share for the current year.
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Several large investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its stake in shares of Cardiome Pharma Corporation by 17.9% in the first quarter. Renaissance Technologies LLC now owns 253,413 shares of the biopharmaceutical company’s stock valued at $763,000 after buying an additional 38,400 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Cardiome Pharma Corporation by 105.3% in the first quarter. JPMorgan Chase & Co. now owns 112,679 shares of the biopharmaceutical company’s stock valued at $339,000 after buying an additional 57,782 shares in the last quarter. Finally, Knott David M purchased a new stake in shares of Cardiome Pharma Corporation during the first quarter valued at $230,000. Institutional investors and hedge funds own 58.32% 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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