Zacks Investment Research upgraded shares of Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) from a hold rating to a buy rating in a report published on Wednesday morning. They currently have $2.00 target price on the biopharmaceutical company’s stock.

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 also recently commented on the company. ValuEngine downgraded Cardiome Pharma Corporation from a sell rating to a strong sell rating in a research note on Friday, September 1st. Canaccord Genuity set a $8.00 price target on Cardiome Pharma Corporation and gave the stock a buy rating in a research report on Monday, August 21st. Finally, HC Wainwright set a $10.00 price target on Cardiome Pharma Corporation and gave the stock a buy rating in a research report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating and five have given a buy rating to the company. Cardiome Pharma Corporation currently has a consensus rating of Buy and a consensus target price of $6.19.

Cardiome Pharma Corporation (NASDAQ CRME) opened at $1.63 on Wednesday. The company has a debt-to-equity ratio of 0.99, a current ratio of 4.81 and a quick ratio of 4.12.

Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last issued its earnings results on Tuesday, August 8th. The biopharmaceutical company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.08). Cardiome Pharma Corporation had a negative return on equity of 78.51% and a negative net margin of 110.95%. The company had revenue of $5.75 million during the quarter, compared to analysts’ expectations of $6.88 million. During the same quarter in the previous year, the company earned ($0.37) EPS. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. research analysts predict that Cardiome Pharma Corporation will post -0.77 EPS for the current fiscal year.

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A number of hedge funds have recently modified their holdings of the business. Westfield Capital Management Co. LP boosted its position in Cardiome Pharma Corporation by 8.0% during the second 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 in the last quarter. AlphaOne Investment Services LLC boosted its position in Cardiome Pharma Corporation by 14.9% during the second 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 in the last quarter. Renaissance Technologies LLC boosted its position in Cardiome Pharma Corporation by 17.9% during the first 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 in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Cardiome Pharma Corporation by 37.6% during the second 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 in the last quarter. Institutional investors own 55.21% of the company’s stock.

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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