$8.24 Million in Sales Expected for Cardiome Pharma Corp (CRME) This Quarter

Brokerages forecast that Cardiome Pharma Corp (NASDAQ:CRME) (TSE:COM) will report $8.24 million in sales for the current fiscal quarter, Zacks reports. Three analysts have provided estimates for Cardiome Pharma’s earnings, with the highest sales estimate coming in at $8.70 million and the lowest estimate coming in at $7.61 million. Cardiome Pharma reported sales of $7.00 million during the same quarter last year, which indicates a positive year-over-year growth rate of 17.7%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, March 6th.

According to Zacks, analysts expect that Cardiome Pharma will report full year sales of $8.24 million for the current fiscal year, with estimates ranging from $24.59 million to $25.70 million. For the next fiscal year, analysts anticipate that the company will post sales of $34.80 million per share, with estimates ranging from $32.30 million to $37.30 million. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Cardiome Pharma.

Cardiome Pharma (NASDAQ:CRME) (TSE:COM) last announced its quarterly earnings results on Tuesday, November 14th. The biopharmaceutical company reported ($0.20) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.04). The company had revenue of $6.02 million during the quarter, compared to analyst estimates of $7.42 million. Cardiome Pharma had a negative net margin of 112.91% and a negative return on equity of 94.68%. Cardiome Pharma’s quarterly revenue was up 14.9% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.19) EPS.

Several analysts recently commented on the company. Mackie raised Cardiome Pharma to a “buy” rating in a research note on Friday, December 15th. HC Wainwright reaffirmed a “buy” rating and issued a $9.50 price target on shares of Cardiome Pharma in a research note on Wednesday, November 22nd. Canaccord Genuity set a $5.00 price target on Cardiome Pharma and gave the company a “buy” rating in a research note on Wednesday, November 15th. Finally, Zacks Investment Research lowered Cardiome Pharma from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $5.50.

A number of hedge funds have recently made changes to their positions in CRME. JPMorgan Chase & Co. boosted its stake in Cardiome Pharma by 37.6% in 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. AlphaOne Investment Services LLC raised its position in Cardiome Pharma by 14.9% in the 2nd 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 during the last quarter. Stonepine Capital Management LLC raised its position in Cardiome Pharma by 79.7% in the 3rd quarter. Stonepine Capital Management LLC now owns 2,866,785 shares of the biopharmaceutical company’s stock valued at $6,106,000 after purchasing an additional 1,271,236 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its position in Cardiome Pharma by 8.0% in 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 purchasing an additional 391,392 shares during the last quarter. 52.48% of the stock is currently owned by institutional investors and hedge funds.

Shares of Cardiome Pharma (NASDAQ:CRME) opened at $1.59 on Friday. The company has a debt-to-equity ratio of 1.67, a current ratio of 5.52 and a quick ratio of 4.71. The company has a market capitalization of $54.30, a price-to-earnings ratio of -1.92 and a beta of 0.83. Cardiome Pharma has a one year low of $1.29 and a one year high of $4.84.

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Cardiome Pharma Company Profile

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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