Cardiome Pharma Corporation (CRME) Raised 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 report released 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. “

Other equities research analysts also recently issued reports about the company. HC Wainwright set a $10.00 price objective on Cardiome Pharma Corporation and gave the stock a “buy” rating in a report on Wednesday, August 9th. ValuEngine upgraded Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a report on Thursday, July 27th. Finally, Canaccord Genuity reiterated a “buy” rating and issued a $8.00 price objective on shares of Cardiome Pharma Corporation in a report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $6.56.

Shares of Cardiome Pharma Corporation (NASDAQ CRME) traded down 1.44% during trading on Tuesday, hitting $2.05. 53,756 shares of the company were exchanged. The stock’s market capitalization is $69.29 million. The company has a 50 day moving average of $2.25 and a 200-day moving average of $3.42. Cardiome Pharma Corporation has a 1-year low of $1.99 and a 1-year high of $4.84.

Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last released its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.08). Cardiome Pharma Corporation had a negative return on equity of 78.51% and a negative net margin of 110.95%. The business had revenue of $5.75 million during the quarter, compared to the consensus estimate of $6.88 million. During the same quarter in the previous year, the business posted ($0.37) earnings per share. Cardiome Pharma Corporation’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, analysts forecast that Cardiome Pharma Corporation will post ($0.69) earnings per share for the current year.

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A number of large investors have recently made changes to their positions in CRME. JPMorgan Chase & Co. boosted 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 worth $339,000 after purchasing an additional 57,782 shares during the last quarter. Renaissance Technologies LLC boosted its position in Cardiome Pharma Corporation by 17.9% in the first quarter. Renaissance Technologies LLC now owns 253,413 shares of the biopharmaceutical company’s stock worth $763,000 after purchasing an additional 38,400 shares during the last quarter. Westfield Capital Management Co. LP boosted 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 worth $23,894,000 after purchasing an additional 391,392 shares during the last quarter. Finally, AlphaOne Investment Services LLC boosted 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 worth $2,860,000 after purchasing an additional 82,027 shares during the last quarter. 55.24% of the stock is currently owned by institutional investors and hedge funds.

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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