Zacks: Brokerages Anticipate Cardiome Pharma Co. (CRME) Will Announce Quarterly Sales of $7.34 Million

Wall Street analysts forecast that Cardiome Pharma Co. (NASDAQ:CRME) (TSE:COM) will post $7.34 million in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Cardiome Pharma’s earnings. The lowest sales estimate is $6.70 million and the highest is $7.99 million. Cardiome Pharma reported sales of $5.75 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 27.7%. The company is expected to report its next quarterly earnings report on Tuesday, August 14th.

According to Zacks, analysts expect that Cardiome Pharma will report full year sales of $31.31 million for the current year, with estimates ranging from $29.70 million to $33.72 million. For the next fiscal year, analysts forecast that the business will post sales of $41.07 million per share, with estimates ranging from $34.40 million to $44.51 million. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Cardiome Pharma.

Cardiome Pharma (NASDAQ:CRME) (TSE:COM) last released its earnings results on Tuesday, May 15th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.02). Cardiome Pharma had a negative return on equity of 123.36% and a negative net margin of 124.17%. The company had revenue of $6.54 million during the quarter, compared to analyst estimates of $7.34 million.

Several equities research analysts recently issued reports on CRME shares. HC Wainwright set a $10.00 target price on shares of Cardiome Pharma and gave the stock a “buy” rating in a research report on Wednesday, April 4th. Canaccord Genuity set a $5.00 target price on shares of Cardiome Pharma and gave the stock a “buy” rating in a research report on Wednesday, March 21st. Finally, ValuEngine raised shares of Cardiome Pharma from a “strong sell” rating to a “sell” rating in a research report on Wednesday, May 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $5.67.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC raised its holdings in Cardiome Pharma by 18.3% in the fourth quarter. Renaissance Technologies LLC now owns 486,613 shares of the biopharmaceutical company’s stock valued at $754,000 after buying an additional 75,200 shares during the period. Tamarack Advisers LP raised its holdings in Cardiome Pharma by 7.1% in the fourth quarter. Tamarack Advisers LP now owns 1,875,000 shares of the biopharmaceutical company’s stock valued at $2,906,000 after buying an additional 125,000 shares during the period. Finally, Stonepine Capital Management LLC raised its holdings in Cardiome Pharma by 11.5% in the fourth quarter. Stonepine Capital Management LLC now owns 3,195,692 shares of the biopharmaceutical company’s stock valued at $4,953,000 after buying an additional 328,907 shares during the period. Hedge funds and other institutional investors own 50.49% of the company’s stock.

Shares of CRME traded down $0.07 during mid-day trading on Friday, hitting $2.31. The company had a trading volume of 3,950 shares, compared to its average volume of 135,805. The company has a debt-to-equity ratio of 2.47, a quick ratio of 3.99 and a current ratio of 4.80. Cardiome Pharma has a 1-year low of $2.34 and a 1-year high of $2.43. The stock has a market capitalization of $82.81 million, a PE ratio of -2.63 and a beta of 0.19.

Cardiome Pharma Company Profile

Cardiome Pharma Corp., a specialty pharmaceutical company, engages in the development and commercialization of therapies for the treatment of patients suffering from heart diseases. It offers BRINAVESS (vernakalant (IV)) for the conversion of recent onset atrial fibrillation to sinus rhythm in adults; and AGGRASTAT, a reversible GP IIb/IIIa inhibitor for use in acute coronary syndrome patients.

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