Cardiome Pharma Corporation (CRME) Upgraded to Hold 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 to clients and investors 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. “
A number of other research analysts have also recently issued reports on the stock. ValuEngine cut shares of Cardiome Pharma Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. Canaccord Genuity set a $8.00 price objective on shares of Cardiome Pharma Corporation and gave the company a “buy” rating in a report on Monday, August 21st. Finally, HC Wainwright set a $10.00 price objective on shares of Cardiome Pharma Corporation and gave the company a “buy” rating in a report on Tuesday, August 22nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $6.56.
Cardiome Pharma Corporation (NASDAQ CRME) traded down 1.44% during midday trading on Tuesday, reaching $2.05. 53,756 shares of the company traded hands. The stock’s market capitalization is $69.29 million. Cardiome Pharma Corporation has a 12-month low of $1.99 and a 12-month high of $4.84. The company has a 50 day moving average of $2.25 and a 200-day moving average of $3.42.
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last issued its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.08). The business had revenue of $5.75 million for the quarter, compared to analyst estimates 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 firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.37) earnings per share. Equities analysts anticipate that Cardiome Pharma Corporation will post ($0.69) EPS for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of Cardiome Pharma Corporation by 105.3% during 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 during the last quarter. Renaissance Technologies LLC lifted its position in shares of Cardiome Pharma Corporation by 17.9% during the first 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 in the last quarter. AlphaOne Investment Services LLC lifted its position in shares of Cardiome Pharma Corporation by 14.9% during the second quarter. AlphaOne Investment Services LLC now owns 632,739 shares of the biopharmaceutical company’s stock valued at $2,860,000 after purchasing an additional 82,027 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its position in shares of Cardiome Pharma Corporation by 8.0% during 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 purchasing an additional 391,392 shares in the last quarter. Hedge funds and other institutional investors own 55.24% 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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