Zacks Investment Research lowered shares of Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) from a buy rating to a hold rating in a report published on Tuesday.

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. “

A number of other analysts have also recently weighed in on the company. Leerink Swann assumed coverage on Cardiome Pharma Corporation in a research report on Thursday, December 22nd. They issued an outperform rating and a $4.75 price objective for the company. Bloom Burton reissued a buy rating on shares of Cardiome Pharma Corporation in a research report on Wednesday, November 9th. Finally, Mackie reissued a hold rating and issued a $3.50 price objective (down previously from $5.10) on shares of Cardiome Pharma Corporation in a research report on Wednesday, October 12th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $6.33.

Analyst Recommendations for Cardiome Pharma Corporation (NASDAQ:CRME)

Cardiome Pharma Corporation (NASDAQ:CRME) traded up 2.6787% during mid-day trading on Tuesday, reaching $2.8442. The company’s stock had a trading volume of 9,270 shares. The company’s market capitalization is $90.66 million. The stock has a 50-day moving average price of $2.78 and a 200-day moving average price of $3.35. Cardiome Pharma Corporation has a one year low of $2.35 and a one year high of $7.13.

Cardiome Pharma Corporation (NASDAQ:CRME) last posted its quarterly earnings data on Monday, November 7th. The biopharmaceutical company reported ($0.19) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.01. The firm earned $5.20 million during the quarter, compared to analysts’ expectations of $5.68 million. Cardiome Pharma Corporation had a negative return on equity of 92.96% and a negative net margin of 93.43%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.31) EPS. Equities research analysts forecast that Cardiome Pharma Corporation will post ($0.73) EPS for the current year.

TRADEMARK VIOLATION WARNING: This story was originally reported by Watch List News and is the sole property of of Watch List News. If you are accessing this story on another site, it was illegally stolen and republished in violation of US and international trademark and copyright law. The original version of this story can be accessed at http://www.watchlistnews.com/cardiome-pharma-corporation-crme-downgraded-by-zacks-investment-research/1060239.html.

Several institutional investors have recently added to or reduced their stakes in CRME. Tamarack Advisers LP bought a new position in Cardiome Pharma Corporation during the third quarter worth $6,941,000. PNC Financial Services Group Inc. raised its position in Cardiome Pharma Corporation by 49.0% in the third quarter. PNC Financial Services Group Inc. now owns 53,000 shares of the biopharmaceutical company’s stock worth $166,000 after buying an additional 17,420 shares during the last quarter. Finally, ClariVest Asset Management LLC bought a new position in Cardiome Pharma Corporation during the second quarter worth $109,000. Institutional investors and hedge funds own 62.08% of the company’s stock.

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.

5 Day Chart for NASDAQ:CRME

Get a free copy of the Zacks research report on Cardiome Pharma Corporation (CRME)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cardiome Pharma Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cardiome Pharma Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.