Boston, MA 03/06/2014 (wallstreetpr) – Cardiome Pharma Corporation (NASDAQ:CRME) stock surged higher by 27% in the last four weeks. The stock is performing better than its 20 day Simple Moving Average.
While analysts at Zacks see the trend as a good one and expect investors to be happy with the company’s short term performance, they raise a doubt on the continuance of the positive trend for long. Nevertheless, they say that the trend of god performance can be expected to continue for some more weeks. The stock received a rating of “buy”.
Comparison With Competitors
In contrast to competitor Avanir Pharmaceuticals Inc (NASDAQ:AVNR), which was trading at higher prices of as much as $4.14 in the last week of February, compared to its previous rates of $3.36, was an under performer as compared to Cardiome. Although the stock had surged higher than 11.7%, Avanir had received a rating of “hold” on account of the negative Earnings ESP from Zacks analysts last week.
Other Med-Drugs who were performing well apart from Cardiome include Lannett Company Inc (NYSE:LCI) and BioCryst Pharmaceuticals Inc (NASDAQ:BCRX).
Earlier Announcement
Cardiome Pharma Corporation (NASDAQ:CRME) and CarCor Investment Holdings LLC had jointly announced on Feb 20 that they have signed an agreement with investors for the sale of as many as 1,500,000 common shares from Cardiome to get gross proceeds of C$15 million and 1,500,000 common shares in a secondary offering from CarCos to get gross proceeds of C$30 million.
Cardiome Pharma Corporation (NASDAQ:CRME) seeks to use the gross proceedings it would obtain for the company’s working capital and other corporate purposes which includes its sales and advertising efforts for BRINAVESS AND AGGRASTAT in Europe and the rest of the world. It would also use the proceedings to fund clinical development and regulator expenses of vernakalant (oral) and vernakalant (IV). Apart from this, the proceedings will be employed to advance the company’s business objectives.
