CRME 2

I am watching CRME here and may add if it falls below $11. (I accomulated a fairly large position in about $8 range in June and have sold 2/3 of the same position). While the earnings were a bit of weak than expected, management confirmed two near term catalysts: the re-submission of NDA in early September, and more testing results for one of its key drugs in October. There aren't a lot of coverages for this name and here is a note from CIBC this morning:

• "The fundamentals for CRME are strong and are likely to improve. We expect two positive major events near term: full ph.IIa data for oral RSD1235 and refiling/acceptance of the IV RSD1235 NDA. We believe there is a strong likelihood CRME shares will trade substantially higher in 2H06."

CIBC has a $19 target.

Long: CRME