Cardiome Pharma Corporation (CRME) Expected to Post Quarterly Sales of $8.04 Million
Wall Street analysts expect Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) to report sales of $8.04 million for the current fiscal quarter, Zacks reports. Three analysts have made estimates for Cardiome Pharma Corporation’s earnings, with estimates ranging from $7.60 million to $8.70 million. Cardiome Pharma Corporation posted sales of $5.24 million during the same quarter last year, which would indicate a positive year over year growth rate of 53.4%. The company is scheduled to report its next earnings report on Monday, November 6th.
On average, analysts expect that Cardiome Pharma Corporation will report full year sales of $8.04 million for the current fiscal year, with estimates ranging from $27.30 million to $29.70 million. For the next financial year, analysts anticipate that the firm will post sales of $40.21 million per share, with estimates ranging from $38.81 million to $41.60 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Cardiome Pharma Corporation.
Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last announced its quarterly earnings data on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.18) by ($0.08). Cardiome Pharma Corporation had a negative net margin of 110.95% and a negative return on equity of 78.51%. The company had revenue of $5.75 million for the quarter, compared to analysts’ expectations of $6.88 million. During the same period in the prior year, the firm earned ($0.37) earnings per share. The firm’s quarterly revenue was down 2.5% on a year-over-year basis.
Several brokerages have recently issued reports on CRME. HC Wainwright set a $10.00 price objective on shares of Cardiome Pharma Corporation and gave the company a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research raised shares of Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, July 18th. ValuEngine raised shares of Cardiome Pharma Corporation from a “sell” rating to a “hold” rating in a research note on Thursday, July 27th. Finally, Canaccord Genuity reissued a “buy” rating and set a $8.00 price objective on shares of Cardiome Pharma Corporation in a research note on Monday, July 17th. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $6.19.
Large investors have recently bought and sold shares of the stock. AlphaOne Investment Services LLC lifted its holdings in shares of 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 acquiring an additional 82,027 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of 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 acquiring an additional 391,392 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of 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 acquiring an additional 42,416 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of 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 acquiring an additional 38,400 shares in the last quarter. Institutional investors and hedge funds own 55.21% of the company’s stock.
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Shares of Cardiome Pharma Corporation (NASDAQ CRME) traded up $0.03 during midday trading on Wednesday, hitting $1.65. 83,935 shares of the stock traded hands, compared to its average volume of 221,589. Cardiome Pharma Corporation has a one year low of $1.29 and a one year high of $4.84. The company has a debt-to-equity ratio of 0.99, a current ratio of 4.81 and a quick ratio of 4.12.
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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