Zacks Investment Research Downgrades Cardiome Pharma Corporation (NASDAQ:CRME) to Sell
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.
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. “
Several other analysts have also recently issued reports on the stock. Canaccord Genuity reissued a “buy” rating and set a $8.00 price objective on shares of Cardiome Pharma Corporation in a research note on Monday, July 17th. ValuEngine raised shares of Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, HC Wainwright set a $10.00 price objective on shares of Cardiome Pharma Corporation and gave the company a “buy” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. Cardiome Pharma Corporation currently has an average rating of “Buy” and an average price target of $6.08.
Cardiome Pharma Corporation (NASDAQ:CRME) traded up 1.03% on Friday, reaching $3.92. The company’s stock had a trading volume of 57,147 shares. The stock’s market capitalization is $127.17 million. Cardiome Pharma Corporation has a 52 week low of $2.35 and a 52 week high of $4.84. The firm has a 50 day moving average price of $4.37 and a 200 day moving average price of $3.56.
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last announced its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by $0.08. Cardiome Pharma Corporation had a negative net margin of 110.95% and a negative return on equity of 78.51%. The company had revenue of $5.75 million for the quarter, compared to analysts’ expectations of $6.88 million. During the same period in the prior year, the firm earned ($0.37) earnings per share. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. On average, equities analysts anticipate that Cardiome Pharma Corporation will post ($0.75) EPS for the current year.
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Several institutional investors have recently bought and sold shares of the stock. Knott David M acquired a new position in Cardiome Pharma Corporation during the first quarter valued at $230,000. JPMorgan Chase & Co. raised its position in shares of 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 buying an additional 57,782 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Cardiome Pharma Corporation by 32.2% in the fourth quarter. Renaissance Technologies LLC now owns 215,013 shares of the biopharmaceutical company’s stock worth $593,000 after buying an additional 52,400 shares in the last quarter. AlphaOne Investment Services LLC raised its position in shares of 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 buying an additional 82,027 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its position in shares of 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 buying an additional 391,392 shares in the last quarter. Institutional investors and hedge funds own 58.36% of the company’s stock.
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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