Cardiome Pharma (CRME) Sees Large Volume Increase

Cardiome Pharma Corp (NASDAQ:CRME) (TSE:COM) shares saw unusually-high trading volume on Tuesday . Approximately 5,083,646 shares traded hands during trading, an increase of 3,196% from the previous session’s volume of 154,223 shares.The stock last traded at $1.79 and had previously closed at $1.57.

CRME has been the topic of a number of recent research reports. Mackie raised Cardiome Pharma to a “buy” rating in a research note on Friday, December 15th. HC Wainwright reissued a “buy” rating and set a $9.50 price target on shares of Cardiome Pharma in a research note on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $5.50.

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The stock has a market capitalization of $55.42, a P/E ratio of -2.12 and a beta of 0.65. The company has a current ratio of 5.52, a quick ratio of 4.71 and a debt-to-equity ratio of 1.67.

Several hedge funds have recently made changes to their positions in CRME. Stonepine Capital Management LLC lifted its stake in shares of Cardiome Pharma by 11.5% in the fourth quarter. Stonepine Capital Management LLC now owns 3,195,692 shares of the biopharmaceutical company’s stock worth $4,953,000 after acquiring an additional 328,907 shares during the period. Tamarack Advisers LP lifted its stake in shares of Cardiome Pharma by 7.1% in the fourth quarter. Tamarack Advisers LP now owns 1,875,000 shares of the biopharmaceutical company’s stock worth $2,906,000 after acquiring an additional 125,000 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Cardiome Pharma by 18.3% in the fourth quarter. Renaissance Technologies LLC now owns 486,613 shares of the biopharmaceutical company’s stock worth $754,000 after acquiring an additional 75,200 shares during the period. 50.84% of the stock is currently owned by hedge funds and other institutional investors.

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About Cardiome Pharma

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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