Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued 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. “

Several other equities research analysts also recently issued reports on CRME. Canaccord Genuity reiterated a “buy” rating and set a $8.00 price objective on shares of Cardiome Pharma Corporation in a research note on Monday, July 17th. ValuEngine upgraded shares of 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 price objective on shares of Cardiome Pharma Corporation and gave the stock a “buy” rating in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $6.19.

Cardiome Pharma Corporation (NASDAQ:CRME) traded up $0.03 on Tuesday, reaching $1.48. 83,000 shares of the company’s stock traded hands, compared to its average volume of 111,595. The company has a quick ratio of 4.12, a current ratio of 4.81 and a debt-to-equity ratio of 0.99. Cardiome Pharma Corporation has a 12 month low of $1.29 and a 12 month high of $4.84.

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Several hedge funds have recently made changes to their positions in CRME. JPMorgan Chase & Co. boosted its stake in shares of Cardiome Pharma Corporation by 105.3% in the first quarter. JPMorgan Chase & Co. now owns 112,679 shares of the biopharmaceutical company’s stock valued at $339,000 after purchasing an additional 57,782 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Cardiome Pharma Corporation by 17.9% in the first quarter. Renaissance Technologies LLC now owns 253,413 shares of the biopharmaceutical company’s stock valued at $763,000 after purchasing an additional 38,400 shares during the period. Westfield Capital Management Co. LP boosted its stake in shares of Cardiome Pharma Corporation by 8.0% in the second quarter. Westfield Capital Management Co. LP now owns 5,286,340 shares of the biopharmaceutical company’s stock valued at $23,894,000 after purchasing an additional 391,392 shares during the period. AlphaOne Investment Services LLC boosted its stake in shares of Cardiome Pharma Corporation by 14.9% in the second quarter. AlphaOne Investment Services LLC now owns 632,739 shares of the biopharmaceutical company’s stock valued at $2,860,000 after purchasing an additional 82,027 shares during the period. Finally, Stonepine Capital Management LLC boosted its stake in shares of Cardiome Pharma Corporation by 79.7% in the third quarter. Stonepine Capital Management LLC now owns 2,866,785 shares of the biopharmaceutical company’s stock valued at $6,106,000 after purchasing an additional 1,271,236 shares during the period. Institutional investors and hedge funds own 55.05% 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.

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