Dundee reinstates buy on Cardiome

Reflecting new Phase 3 data from Cardiome Pharma (TSX:COM; NASDAQ:CRME) and Merck (NYSE:MRK) on Friday, Dundee Securities reinstated its “buy” rating on Cardiome, raising its 12-month price target to $10 from $8.  The stock closed at $8.24 on the TSX Friday.

Analyst David Martin writes that he previously had the stock “under review,” pending the release of more detailed data about the European Phase 3 study of Cardiome’s Brinavess (vernakalant) intravenous treatment for atrial fibrillation.

“We believe the results are positive, and this bodes well for potential approval of IV vernakalant (Brinavess) in Europe later this year, and should also be supportive of FDA approval in late 2011/early 2012,” he said.  “Of particular interest were the safety results since superior efficacy had previously been reported,” he added.