Canaccord Genuity Assigns a Buy Rating on Cardiome Pharma Corp

By Ryan Adsit

In a report released today, Neil Maruoka from Canaccord Genuity assigned a Buy rating to Cardiome Pharma Corp (NASDAQ: CRME), with a price target of $8. The company’s shares closed on Friday at $4.70.

According to TipRanks.com, Maruoka is a 1-star analyst with an average return of -1.7% and a 35.8% success rate. Maruoka covers the Healthcare sector, focusing on stocks such as Merus Labs International, Concordia Healthcare, and Oncolytics Biotech.

Cardiome Pharma Corp has an analyst consensus of Moderate Buy, with a price target consensus of $8.75.

Based on Cardiome Pharma Corp’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $5.2 million and GAAP net loss of $6.33 million. In comparison, last year the company earned revenue of $5.91 million and had a GAAP net loss of $7.51 million.

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Cardiome Pharma Corp. is a pharmaceutical company engages in provision of development and commercialization of medical products. It focuses on cardiovascular therapies that will improve the quality of life and health of patients suffering from heart disease.