Brokerages Expect Cardiome Pharma Corporation (CRME) Will Announce Quarterly Sales of $7.80 Million
Brokerages expect Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) to post $7.80 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Cardiome Pharma Corporation’s earnings. The highest sales estimate is $8.00 million and the lowest is $7.60 million. Cardiome Pharma Corporation reported sales of $5.24 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 48.9%. The business is expected to report its next quarterly earnings report on Monday, November 6th.
On average, analysts expect that Cardiome Pharma Corporation will report full year sales of $7.80 million for the current year, with estimates ranging from $27.30 million to $28.10 million. For the next financial year, analysts anticipate that the company will post sales of $40.21 million per share, with estimates ranging from $38.81 million to $41.60 million. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Cardiome Pharma Corporation.
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last posted its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.18) by $0.08. The company had revenue of $5.75 million during the quarter, compared to the consensus estimate of $6.88 million. Cardiome Pharma Corporation had a negative return on equity of 78.51% and a negative net margin of 110.95%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.37) earnings per share.
CRME has been the subject of a number of recent analyst reports. Canaccord Genuity reissued a “buy” rating and set a $8.00 price objective on shares of Cardiome Pharma Corporation in a research report on Monday, July 17th. HC Wainwright set a $10.00 price objective on Cardiome Pharma Corporation and gave the stock a “buy” rating in a research report on Wednesday, August 9th. ValuEngine raised Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Finally, Zacks Investment Research raised Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, July 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $5.90.
A number of institutional investors have recently added to or reduced their stakes in CRME. Renaissance Technologies LLC increased its position in Cardiome Pharma Corporation by 32.2% in the fourth quarter. Renaissance Technologies LLC now owns 215,013 shares of the biopharmaceutical company’s stock valued at $593,000 after buying an additional 52,400 shares in the last quarter. JPMorgan Chase & Co. increased its position in 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. Knott David M purchased a new position in Cardiome Pharma Corporation during the first quarter valued at $230,000. Westfield Capital Management Co. LP increased its position in Cardiome Pharma Corporation by 8.0% in the second 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. Finally, AlphaOne Investment Services LLC increased its position in Cardiome Pharma Corporation by 14.9% in the second 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. 58.28% of the stock is owned by institutional investors.
Cardiome Pharma Corporation (NASDAQ:CRME) traded up 0.26% on Friday, hitting $3.90. 10,402 shares of the stock were exchanged. Cardiome Pharma Corporation has a 52-week low of $2.35 and a 52-week high of $4.84. The stock’s 50 day moving average price is $4.35 and its 200 day moving average price is $3.60. The firm’s market cap is $131.82 million.
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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