BioTech

Bad News for CARDIOME PHARMA CORP (NASDAQ:CRME)

CARDIOME PHARMA CORP (NASDAQ:CRME)

CARDIOME PHARMA CORP(NASDAQ:CRME)

CARDIOME PHARMA CORP (NASDAQ:CRME) stock dropped around 33% after the company revealed that the U.S. Food and Drug Administration (FDA) advised Cardiome that the proposed data package would not be sufficient to support a resubmission of the BRINAVESS® New Drug Application (NDA). CRME shares trade over ten times their 30-day, daily volume figure. Cardiome Pharma Corp. is a pharmaceutical company, that develops and commercializes treatments for patients that are afflicted with heart disease.

CARDIOME PHARMA CORP (NASDAQ:CRME) is a pharmaceutical company that develops and commercializes innovative therapies that will improve the quality of life and health of patients suffering from disease. Cardiome has two cardiology products, BRINAVESS® (vernakalant IV), approved in Europe, Canada, and other countries for the rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults, and AGGRASTAT® (tirofiban HCl) a reversible GP IIB/IIIa inhibitor indicated for use in patients with acute coronary syndrome. Cardiome also commercializes other products that are approved in countries around the world.

Shares of CARDIOME PHARMA CORP (NASDAQ:CRME) hit their 2017 high in July. However, since then the stock has lost ground every week. For the past ten trading days, CRME stock traded just south of $4.00 as it continuously attempted to break through resistance. However the news that hit today sent the stock gapping down and it opened at $#3.36 before closing at $2.60 for a daily loss of $$1.27 or 33%.

Adjusted for dilution, shares of CARDIOME PHARMA CORP (NASDAQ:CRME) had traded above $35 for most of 2010 before falling fast and trading under $2.00 for most of 2012 and 2013. Towards the end of 2013 and through 2014 CRME stock traded above $5.00 then fell back again. Today’s decline represents the largest single day loss in the past year. CRME’s Relative Strength Index (RSI) is under 10. Most market professionals believe that a RSI value under 20 represents an “oversold” condition.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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Monica has an undergraduate degree in Accounting and an MBA she earned - with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

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