Is CARDIOME PHARMA CORP (CRME) a Good Stock to Buy?

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As aggregate interest increased, some big names have been driving this bullishness. Tamarack Capital Management assembled the most valuable position in CARDIOME PHARMA CORP (NASDAQ:CRME). Tamarack Capital Management had $6.9 million invested in the company at the end of the quarter. Sabby Capital also initiated a $1.5 million position during the quarter.

Let’s check out hedge fund activity in other stocks – not necessarily in the same industry as CARDIOME PHARMA CORP (NASDAQ:CRME) but similarly valued. We will take a look at Destination Maternity Corp (NASDAQ:DEST), Digirad Corporation (NASDAQ:DRAD), Hydra Industries Acquisition Corp. (NASDAQ:HDRA), and Kindred Biosciences Inc (NASDAQ:KIN). This group of stocks’ market caps match CRME’s market cap.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
DEST 7 18830 1
DRAD 7 16894 2
HDRA 5 13605 1
KIN 7 53912 0

As you can see these stocks had an average of six funds with bullish positions and the average amount invested in these stocks was $26 million. That figure was $24 million in CRME’s case. Destination Maternity Corp (NASDAQ:DEST), Digirad Corporation (NASDAQ:DRAD), and Kindred Biosciences Inc (NASDAQ:KIN) are the most popular stocks in this table, each having seven funds holding long positions. On the other hand, Hydra Industries Acquisition Corp. (NASDAQ:HDRA) is the least popular one with only five bullish hedge fund positions. Compared to these stocks CARDIOME PHARMA CORP (NASDAQ:CRME) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None

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