Is This as Good as It's Gonna Get for Cardiome Pharma? (CRME)

Back on March 13th I penned some less-than-well-received thoughts on Cardiome Pharma Corp. (NASDAQ:CRME). Basically, I was warning that CRME was just one stumble away from a fairly significant selloff. Given that so many traders were a fan of the biotech stock at the time, merely posing the possibility of a dip was something of a threat to my life and limb.

A week later, CRME has fallen from post-split-adjusted price of $2.09 to a low of $1.70, moving under the very floor at $1.99 that was under attack at the time.

I didn't chime in regarding on Cardiome Pharma on March 21st to gloat, however. Mostly a revisited CRME a week later to reverse my call on the stock after the pullback, pointing out that the company still had a compelling pipeline, and was still putting some things into place to keep its then-in-jeopardy NASDAQ listing. In fact, I specifically said the stock was almost a buy, explicitly saying "Though we may not have hit the bottom yet, speculators don't necessarily have to avoid Cardiome Pharma Corp. at all costs. Traders just need to look for clear signs that a bounce is forming (like a higher close and/or a higher trading range), as that bounce has a good chance of following through. The waiting for that sign is the hardest part."

That clear sign materialized by late April when CRME crossed back above its 20-day, 50-day, and 100-day moving average lines. Though it didn't immediately follow through following that reversal, it held the line right around $2.00, keeping it in position to finally make the rally that's taken shape this month. Since the end of August, Cardiome Pharma shares have advanced from $2.11 to the current price of $3.75... a 76% runup.

Once again, I'm not reprising my look at CRME to pat myself on the back (it 'only' took a mere six months for my prediction to pan out). I'm here again to once again say it's time to reversal the call - get out of Cardiome Pharma here if you stepped into it back in late March based on my bullish thoughts.

I know that's a tough idea to digest, with the stock skyrocketing here. But, it was no tougher to digest than my bearish call from March 13th, which proved to be right, and no tougher to buy into than my bullish call from March 21st, which also eventually panned out. This stock isn't one that's been willing and able to dole out long-lived moves in either direction, so I'd be very inclined here to be proactive rather than reactive with any trade, and take what you can get while you can get it. 

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