Cardiome Pharma Corporation (CRME) Hits New 52-Week Low at $1.98

Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM)’s share price reached a new 52-week low during mid-day trading on Friday . The stock traded as low as $1.98 and last traded at $0.00, with a volume of shares trading hands.

Several research firms have recently issued reports on CRME. Zacks Investment Research raised Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. Canaccord Genuity reissued a “buy” rating and set a $8.00 target price on shares of Cardiome Pharma Corporation in a research note on Monday, July 17th. ValuEngine raised 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 target price on Cardiome Pharma Corporation and gave the company a “buy” rating in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $7.58.

Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last released its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.08). The firm had revenue of $5.75 million for the quarter, compared to analysts’ expectations of $6.88 million. Cardiome Pharma Corporation had a negative return on equity of 78.51% and a negative net margin of 110.95%. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.37) earnings per share.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Renaissance Technologies LLC increased its holdings 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 worth $763,000 after purchasing an additional 38,400 shares during the period. JPMorgan Chase & Co. increased its holdings 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 worth $701,000 after purchasing an additional 42,416 shares during the period. AlphaOne Investment Services LLC increased its holdings 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 worth $2,860,000 after purchasing an additional 82,027 shares during the period. Finally, Westfield Capital Management Co. LP increased its holdings 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 worth $23,894,000 after purchasing an additional 391,392 shares during the period. Institutional investors own 55.24% of the company’s stock.

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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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