$7.94 Million in Sales Expected for Cardiome Pharma Corp (CRME) This Quarter

Equities analysts expect Cardiome Pharma Corp (NASDAQ:CRME) (TSE:COM) to report sales of $7.94 million for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Cardiome Pharma’s earnings, with estimates ranging from $7.61 million to $8.40 million. Cardiome Pharma reported sales of $7.00 million in the same quarter last year, which would suggest a positive year over year growth rate of 13.4%. The company is expected to issue its next earnings report on Tuesday, March 6th.

On average, analysts expect that Cardiome Pharma will report full-year sales of $7.94 million for the current fiscal year, with estimates ranging from $24.59 million to $25.40 million. For the next financial year, analysts forecast that the firm will report sales of $33.37 million per share, with estimates ranging from $30.50 million to $37.30 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Cardiome Pharma.

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

Several brokerages have recently issued reports on CRME. Mackie raised shares of Cardiome Pharma to a “buy” rating in a report on Friday, December 15th. HC Wainwright reissued a “buy” rating and set a $9.50 price target on shares of Cardiome Pharma in a report on Wednesday, November 22nd. Canaccord Genuity set a $5.00 price target on shares of Cardiome Pharma and gave the company a “buy” rating in a report on Wednesday, November 15th. Finally, Zacks Investment Research downgraded shares of Cardiome Pharma from a “buy” rating to a “hold” rating in a report on Tuesday, November 14th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $5.50.

Cardiome Pharma (NASDAQ:CRME) opened at $1.46 on Thursday. Cardiome Pharma has a 1-year low of $1.29 and a 1-year high of $4.84. The stock has a market cap of $50.87, a price-to-earnings ratio of -1.74 and a beta of 0.59. The company has a current ratio of 5.52, a quick ratio of 4.71 and a debt-to-equity ratio of 1.67.

A number of hedge funds have recently bought and sold shares of the stock. Stonepine Capital Management LLC lifted its holdings in Cardiome Pharma by 11.5% in the fourth quarter. Stonepine Capital Management LLC now owns 3,195,692 shares of the biopharmaceutical company’s stock worth $4,953,000 after purchasing an additional 328,907 shares during the period. Tamarack Advisers LP lifted its holdings in Cardiome Pharma by 7.1% in the fourth quarter. Tamarack Advisers LP now owns 1,875,000 shares of the biopharmaceutical company’s stock worth $2,906,000 after purchasing an additional 125,000 shares during the period. Renaissance Technologies LLC lifted its holdings in Cardiome Pharma by 18.3% in the fourth quarter. Renaissance Technologies LLC now owns 486,613 shares of the biopharmaceutical company’s stock worth $754,000 after purchasing an additional 75,200 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Cardiome Pharma by 37.6% in the second quarter. JPMorgan Chase & Co. now owns 155,095 shares of the biopharmaceutical company’s stock worth $701,000 after purchasing an additional 42,416 shares during the period. 52.45% of the stock is owned by institutional investors and hedge funds.

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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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