Shares of Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) dropped 32.8% during mid-day trading on Monday . The company traded as low as $2.31 and last traded at $2.60, with a volume of 1,148,101 shares trading hands. The stock had previously closed at $3.87.

CRME has been the topic of a number of research reports. Zacks Investment Research upgraded Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, May 9th. Canaccord Genuity reiterated a “buy” rating and issued a $8.00 price target on shares of Cardiome Pharma Corporation in a research report on Monday, July 17th. ValuEngine upgraded Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a research report on Thursday, July 27th. Finally, HC Wainwright set a $10.00 price target on Cardiome Pharma Corporation and gave the company a “buy” rating in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $5.90.

The company has a 50 day moving average of $4.29 and a 200 day moving average of $3.61. The firm’s market cap is $87.88 million.

Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last released its quarterly earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.18) by $0.08. Cardiome Pharma Corporation had a negative return on equity of 78.51% and a negative net margin of 110.95%. The company had revenue of $5.75 million for the quarter, compared to analyst estimates of $6.88 million. During the same period in the previous year, the business posted ($0.37) EPS. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities analysts expect that Cardiome Pharma Corporation will post ($0.79) EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. Knott David M bought a new stake in Cardiome Pharma Corporation during the first quarter worth $230,000. JPMorgan Chase & Co. increased its stake in 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 during the last quarter. Renaissance Technologies LLC increased its stake in 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 during the last quarter. AlphaOne Investment Services LLC increased its stake in 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 during the last quarter. Finally, Westfield Capital Management Co. LP increased its stake in 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 during the last quarter. 58.28% of the stock is owned by institutional investors and hedge funds.

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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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