Cardiome Pharma Corp. (NASDAQ:CRME) dropped 2.2% on Tuesday . The company traded as low as $3.05 and last traded at $3.08, with a volume of 82,596 shares trading hands. The stock had previously closed at $3.15.

CRME has been the subject of a number of research reports. Brean Capital reiterated a “buy” rating and issued a $7.00 price objective (down previously from $10.00) on shares of Cardiome Pharma Corp. in a research note on Monday, August 15th. Zacks Investment Research upgraded Cardiome Pharma Corp. from a “hold” rating to a “buy” rating and set a $5.50 price objective for the company in a research note on Monday, May 16th. HC Wainwright started coverage on Cardiome Pharma Corp. in a research note on Wednesday, June 1st. They set a “buy” rating and a $9.50 price target for the company. Finally, Mackie upgraded Cardiome Pharma Corp. from a “hold” rating to a “speculative buy” rating and upped their price target for the stock from $5.20 to $8.60 in a research note on Friday, May 6th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $8.27.

The company has a 50 day moving average of $4.05 and a 200-day moving average of $4.60. The company’s market capitalization is $98.18 million.

Cardiome Pharma Corp. (NASDAQ:CRME) last issued its quarterly earnings data on Tuesday, August 9th. The biopharmaceutical company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.19) by $0.18. The business earned $5.90 million during the quarter, compared to analysts’ expectations of $6.73 million. The firm’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.43) EPS. On average, equities analysts forecast that Cardiome Pharma Corp. will post ($0.75) EPS for the current fiscal year.

A hedge fund recently raised its stake in Cardiome Pharma Corp. stock. Westfield Capital Management Co. LP raised its position in shares of Cardiome Pharma Corp. (NASDAQ:CRME) by 19.2% during the fourth quarter, according to its most recent disclosure 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 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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