Cardiome Pharma Corporation (NASDAQ:CRME) Upgraded at Zacks Investment Research
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” 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. “
Separately, Canaccord Genuity reiterated a “buy” rating and set a $8.00 target price on shares of Cardiome Pharma Corporation in a research note on Monday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $6.08.
Cardiome Pharma Corporation (CRME) traded up 2.61% during trading on Tuesday, hitting $4.71. 35,668 shares of the company’s stock traded hands. The company’s market cap is $150.38 million. Cardiome Pharma Corporation has a 52-week low of $2.35 and a 52-week high of $5.48. The company’s 50 day moving average price is $3.95 and its 200 day moving average price is $3.23.
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last released its earnings results on Monday, May 15th. The biopharmaceutical company reported ($0.20) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.15) by $0.05. The business had revenue of $5.19 million for the quarter, compared to the consensus estimate of $6.96 million. Cardiome Pharma Corporation had a negative return on equity of 86.01% and a negative net margin of 105.93%. The company’s revenue for the quarter was down 26.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.06) earnings per share. Analysts expect that Cardiome Pharma Corporation will post ($0.64) earnings per share for the current year.
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Several large investors have recently added to or reduced their stakes in CRME. Knott David M acquired a new stake in Cardiome Pharma Corporation during the first quarter worth approximately $230,000. 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 worth $339,000 after buying an additional 57,782 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Cardiome Pharma Corporation by 32.2% in the fourth quarter. Renaissance Technologies LLC now owns 215,013 shares of the biopharmaceutical company’s stock worth $593,000 after buying an additional 52,400 shares in the last quarter. Institutional investors own 58.34% 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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