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Biotech / Medical : Cardiome -- CRME
CRME 2.330-2.1%May 16 5:00 PM EST

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To: Ian@SI who wrote (261)7/16/2008 7:59:28 PM
From: Ian@SI   of 285
 
Kenm

RBC seems to share your view...

10:05 am Cardiome Pharma: . Target $13.5. RBC Capital Mkts downgrades CRME to Sector Perform from Outperform and sets target price at $13.50 saying they estimate a 60% probability of a partnership versus 40% for a takeout. Over the coming 12-months they expect news such as Kynapid sales, start of the phase III oral program, and Cardiome to start shopping for pipeline products. Although they believe CRME's shares should be more highly valued on a partnership deal, they believe large investors may see the lack of future news flow as an opportunity for profit-taking. With a partnership agreement, they would not be surprised if profit-taking resulted in the shares losing 10-20% of their value over the mid-term. They believe investors should hold shares but they would not be buyers at current levels.
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