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portefeuille (98.85)




November 17, 2011 – Comments (3)

It might be a good idea to buy a few CRME shares today. It is currently at around 2.00 USD.

an earlier post on CRME.

biopharmaceuticals CRME



CRME shares are one of the larger positions of my "fund" (see here). There are currently 78000 CRME shares in the fund with break-even of around 1.82 USD.


a recent pitch by zzlangerhans.


My last outperform on Cardiome ended tragically with a fat finger ending of the pick and a negative score, which was naturally followed days later with a sharp upswing in the share price. Hopefully I'll fare better this time around.

In the winter Cardiome looked like they would recover from the beating they took after the FDA hold on the ACT 5 phase III trial of IV vernakalant. The share price rose from about 4.6 to as high as 7, but then over the past seven weeks has declined to new lows despite an absence of negative catalysts.

Cardiome plays their cards close to their chests to a frustrating degree, but I believe upcoming catalysts are more likely to be positive than negative. The hold on IV vernakalant is based on a single adverse event which did not prompt the DSMB to suspend the trial. IV vernakalant is already approved in Europe and it seems unlikely that development will be terminated in the US over safety issues. Furthermore, the company will begin reporting revenues from IV vernakalant in Europe over the next couple of quarters.

The most important long-term concern may be development of oral vernakalant, which has been inexplicably in limbo since the compound was partnered with Merck two years ago. The company recently released a typically inscrutable statement in which they confide that they have been advised by Merck of the next steps to occur in development of oral vernakalant. What exactly those steps are will apparently remain between Cardiome and Merck.

I sold out of my large bet on Cardiome about a year ago, for a sizable profit but well below highs. I've lost a lot of confidence in management as they appear to have severely bungled the development of both IV and oral vernakalant, and they don't seem to have much feeling for their shareholders. I'm willing to take a chance in CAPS here but I'm very hesitant to risk real money in such an opaque, unpredictable outfit.


(from here)

3 Comments – Post Your Own

#1) On November 17, 2011 at 2:58 PM, portefeuille (98.85) wrote:

COM:CN in Toronto trading.





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#2) On January 14, 2015 at 8:43 PM, portefeuille (98.85) wrote:

I think it might be time to sell a few shares now that the stock has to some degree recovered. Those that bought when I wrote that post are still in the red, maybe they will reach positive territory soon, but I no longer really follow the stock. Some of the stocks I do follow can, as usual, be seen via #zzporte on twitter :)

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#3) On January 27, 2015 at 11:49 PM, portefeuille (98.85) wrote:

#2 The high on November 17, 2011 was at (split-adjusted) $11, while the low was at $9.95 and closed on January 14, 2015 at $10.40, so any losses  would most likely have been pretty low :)

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