Cardiome Pharma Corporation (CRME) Trading Up 16%
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) shares were up 16% during mid-day trading on Monday . The stock traded as high as $1.55 and last traded at $1.52. Approximately 715,592 shares changed hands during trading, an increase of 357% from the average daily volume of 156,677 shares. The stock had previously closed at $1.31.
Several research analysts recently issued reports on CRME shares. Zacks Investment Research raised shares of Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, July 18th. HC Wainwright set a $10.00 price target on shares of Cardiome Pharma Corporation and gave the stock a “buy” rating in a report on Tuesday, August 22nd. ValuEngine cut shares of Cardiome Pharma Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, August 22nd. Finally, Canaccord Genuity set a $8.00 price target on shares of Cardiome Pharma Corporation and gave the stock a “buy” rating in a report on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. Cardiome Pharma Corporation currently has an average rating of “Buy” and an average price target of $7.58.
The stock has a 50-day moving average of $1.98 and a 200-day moving average of $3.28. The stock’s market capitalization is $59.49 million.
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last posted its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.08). The firm had revenue of $5.75 million for the quarter, compared to analyst estimates of $6.88 million. Cardiome Pharma Corporation had a negative net margin of 110.95% and a negative return on equity of 78.51%. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.37) earnings per share. Equities analysts predict that Cardiome Pharma Corporation will post ($0.69) EPS for the current fiscal year.
Institutional investors have recently bought and sold shares of the business. AlphaOne Investment Services LLC boosted its stake in Cardiome Pharma Corporation by 14.9% during the 2nd quarter. AlphaOne Investment Services LLC now owns 632,739 shares of the biopharmaceutical company’s stock valued at $2,860,000 after purchasing an additional 82,027 shares during the period. Westfield Capital Management Co. LP boosted its stake in Cardiome Pharma Corporation by 8.0% during the 2nd quarter. Westfield Capital Management Co. LP now owns 5,286,340 shares of the biopharmaceutical company’s stock valued at $23,894,000 after purchasing an additional 391,392 shares during the period. JPMorgan Chase & Co. boosted its stake in Cardiome Pharma Corporation by 37.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 155,095 shares of the biopharmaceutical company’s stock valued at $701,000 after purchasing an additional 42,416 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Cardiome Pharma Corporation by 17.9% during the 1st quarter. Renaissance Technologies LLC now owns 253,413 shares of the biopharmaceutical company’s stock valued at $763,000 after purchasing an additional 38,400 shares during the period. 55.21% of the stock is owned by hedge funds and other institutional investors.
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Cardiome Pharma Corporation Company Profile
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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