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

Wall Street brokerages expect Cardiome Pharma Corp (NASDAQ:CRME) (TSE:COM) to report $8.24 million in sales for the current quarter, according to Zacks. Three analysts have made estimates for Cardiome Pharma’s earnings, with estimates ranging from $7.61 million to $8.70 million. Cardiome Pharma posted sales of $7.00 million in the same quarter last year, which suggests a positive year-over-year growth rate of 17.7%. The firm is scheduled to announce its next quarterly earnings report on Tuesday, March 6th.

On average, 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 financial year, analysts forecast 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 calculations are a mean average based on a survey of sell-side analysts that cover Cardiome Pharma.

Cardiome Pharma (NASDAQ:CRME) (TSE:COM) last issued its quarterly earnings results on Tuesday, November 14th. The biopharmaceutical company reported ($0.20) earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $6.02 million for the quarter, compared to analyst estimates of $7.42 million. During the same quarter in the previous year, the company posted ($0.19) EPS. The company’s revenue for the quarter was up 14.9% compared to the same quarter last year.

A number of brokerages have issued reports on CRME. Mackie upgraded shares of Cardiome Pharma to a “buy” rating in a research note on Friday, December 15th. HC Wainwright restated a “buy” rating and set 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 shares of Cardiome Pharma and gave the company a “buy” rating in a research note 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 given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $5.50.

Cardiome Pharma (NASDAQ CRME) opened at $1.59 on Friday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 4.71 and a current ratio of 5.52. Cardiome Pharma has a 52 week low of $1.29 and a 52 week high of $4.84. The stock has a market cap of $54.30, a P/E ratio of -1.92 and a beta of 0.83.

Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in shares of 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 acquiring an additional 42,416 shares during the last quarter. AlphaOne Investment Services LLC boosted its holdings in shares of 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 acquiring an additional 82,027 shares during the last quarter. Westfield Capital Management Co. LP boosted its holdings in shares of 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 acquiring an additional 391,392 shares during the last quarter. Finally, Stonepine Capital Management LLC boosted its holdings in shares of 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 acquiring an additional 1,271,236 shares during the last quarter. 52.48% of the stock is currently 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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