A Lucky Day at Cardiome Pharma (CRME)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published

Cardiome Pharma (NASDAQ: CRME) picked a bad day for good news.

According to the AP the company announced "interim midstage data showed its experimental drug vernakalant was safe and effective in treating abnormal heart rhythm, compared with placebo"

CRME shares are up 47% on the news trading 4.6 million shares well ahead of average daily volume of 600,000.

The company has somewhat troubling financials. For the September quarter, CRME lost $31.6 million compared to $12.3.

Revenue fell from $2.4 million in Q3 2006 to $1 million.

The company had $84.4 of cash at the end of the quarter. All the numbers are Canadian dollars.

In other words, CRME does not have a significant amount of cash given its burn rate.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Top Gaining Stocks

HPE Vol: 153,197,465
ENPH Vol: 8,360,053
GLW Vol: 18,152,646
APTV Vol: 6,761,325

Top Losing Stocks

TTD Vol: 21,905,513
INTU Vol: 7,383,018
CTRA Vol: 73,319,495
CBOE Vol: 5,000,011
HP
HPQ Vol: 29,259,826