Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

Other equities research analysts have also issued research reports about the stock. HC Wainwright set a $10.00 price target on shares of Cardiome Pharma Corporation and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Zacks Investment Research lowered shares of Cardiome Pharma Corporation from a “hold” rating to a “sell” rating in a research note on Friday, August 11th. Finally, Canaccord Genuity restated a “buy” rating and set a $8.00 price target on shares of Cardiome Pharma Corporation in a research note on Monday, July 17th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Cardiome Pharma Corporation has a consensus rating of “Hold” and a consensus target price of $5.90.

Shares of Cardiome Pharma Corporation (NASDAQ:CRME) opened at 2.33 on Tuesday. Cardiome Pharma Corporation has a 52 week low of $2.09 and a 52 week high of $4.84. The company’s market cap is $78.76 million. The company’s 50-day moving average price is $4.17 and its 200 day moving average price is $3.60.

Cardiome Pharma Corporation (NASDAQ:CRME) (TSE:COM) last issued its quarterly earnings results 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 return on equity of 78.51% and a negative net margin of 110.95%. The company had revenue of $5.75 million for the quarter, compared to analysts’ expectations of $6.88 million. During the same quarter in the previous year, the business earned ($0.37) EPS. The company’s revenue for the quarter was down 2.5% on a year-over-year basis. On average, equities analysts forecast that Cardiome Pharma Corporation will post ($0.70) EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC raised its position in Cardiome Pharma Corporation by 32.2% in the fourth quarter. Renaissance Technologies LLC now owns 215,013 shares of the biopharmaceutical company’s stock worth $593,000 after buying an additional 52,400 shares in the last quarter. JPMorgan Chase & Co. raised its position in Cardiome Pharma Corporation by 105.3% in the first quarter. JPMorgan Chase & Co. now owns 112,679 shares of the biopharmaceutical company’s stock worth $339,000 after buying an additional 57,782 shares in the last quarter. Knott David M acquired a new position in Cardiome Pharma Corporation during the first quarter worth $230,000. Westfield Capital Management Co. LP raised its position in 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 worth $23,894,000 after buying an additional 391,392 shares in the last quarter. Finally, AlphaOne Investment Services LLC raised its position in 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 worth $2,860,000 after buying an additional 82,027 shares in the last quarter. Institutional investors and hedge funds own 58.28% 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.

Analyst Recommendations for Cardiome Pharma Corporation (NASDAQ:CRME)

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