Cardiome Pharma Corp. (NASDAQ:CRME)’s share price dropped 1.6% during mid-day trading on Friday . The company traded as low as $3.07 and last traded at $3.10, with a volume of 75,374 shares. The stock had previously closed at $3.15.

CRME has been the subject of a number of research reports. Mackie upgraded Cardiome Pharma Corp. from a “hold” rating to a “speculative buy” rating and increased their price objective for the stock from $5.20 to $8.60 in a report on Friday, May 6th. Zacks Investment Research downgraded Cardiome Pharma Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, May 18th. HC Wainwright initiated coverage on Cardiome Pharma Corp. in a report on Wednesday, June 1st. They issued a “buy” rating and a $9.50 price objective for the company. Finally, Brean Capital reiterated a “buy” rating on shares of Cardiome Pharma Corp. in a report on Monday, May 16th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $9.48.

The company has a 50 day moving average price of $4.66 and a 200-day moving average price of $4.85. The company’s market cap is $62.29 million.

Cardiome Pharma Corp. (NASDAQ:CRME) last issued its earnings results on Friday, May 13th. The biopharmaceutical company reported ($0.06) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.15. During the same period last year, the firm earned ($0.23) earnings per share. The firm had revenue of $7.10 million for the quarter, compared to the consensus estimate of $6.34 million. The company’s revenue for the quarter was up 28.9% on a year-over-year basis. Equities analysts anticipate that Cardiome Pharma Corp. will post ($0.60) EPS for the current year.

A hedge fund recently raised its stake in Cardiome Pharma Corp. stock. Westfield Capital Management Co. LP boosted its position in shares of Cardiome Pharma Corp. (NASDAQ:CRME) by 19.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,841,830 shares of the biopharmaceutical company’s stock after buying an additional 619,435 shares during the period. Westfield Capital Management Co. LP owned about 19.07% of Cardiome Pharma Corp. worth $31,157,000 at the end of the most recent quarter.

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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