Shares of Cardiome Pharma Corp. (NASDAQ:CRME) reached a new 52-week low on Wednesday . The stock traded as low as $3.00 and last traded at $3.10, with a volume of 494,705 shares. The stock had previously closed at $3.01.

CRME has been the subject of several research reports. Zacks Investment Research raised Cardiome Pharma Corp. from a “hold” rating to a “strong-buy” rating and set a $6.25 price target for the company in a report on Monday, July 18th. HC Wainwright initiated coverage on Cardiome Pharma Corp. in a research note on Wednesday, June 1st. They set a “buy” rating and a $9.50 price objective on the stock. Brean Capital restated a “buy” rating on shares of Cardiome Pharma Corp. in a research note on Monday, May 16th. Finally, Mackie upgraded Cardiome Pharma Corp. from a “hold” rating to a “speculative buy” rating and raised their price objective for the stock from $5.20 to $8.60 in a research note on Friday, May 6th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $9.48.

The firm’s 50 day moving average is $5.10 and its 200-day moving average is $5.00. The stock’s market cap is $62.90 million.

Cardiome Pharma Corp. (NASDAQ:CRME) last announced its quarterly earnings data on Friday, May 13th. The biopharmaceutical company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.15. The firm earned $7.10 million during the quarter, compared to analyst estimates of $6.34 million. During the same period in the prior year, the firm posted ($0.23) earnings per share. The business’s quarterly revenue was up 28.9% compared to the same quarter last year. On average, analysts forecast that Cardiome Pharma Corp. will post ($0.64) earnings per share for the current year.

A hedge fund recently raised its stake in Cardiome Pharma Corp. stock. Turner Investments L.P. raised its position in shares of Cardiome Pharma Corp. (NASDAQ:CRME) by 2.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 708,888 shares of the biopharmaceutical company’s stock after buying an additional 15,766 shares during the period. Cardiome Pharma Corp. makes up about 1.2% of Turner Investments L.P.’s holdings, making the stock its 18th largest position. Turner Investments L.P. owned about 3.52% of Cardiome Pharma Corp. worth $5,749,000 at the end of the most recent reporting period.

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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