Gemphire Therapeutics Inc. (NASDAQ:GEMP)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a report issued on Tuesday. They currently have a $22.00 price objective on the stock, up from their previous price objective of $21.00. HC Wainwright’s price target would indicate a potential upside of 136.81% from the company’s current price.
Several other equities analysts have also commented on GEMP. Zacks Investment Research raised Gemphire Therapeutics from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Wednesday, July 19th. Canaccord Genuity set a $31.00 price objective on Gemphire Therapeutics and gave the company a “buy” rating in a research report on Wednesday, July 26th. Finally, Jefferies Group LLC raised their price objective on Gemphire Therapeutics to $32.00 and gave the company a “buy” rating in a research report on Tuesday, August 1st. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $22.17.
Shares of Gemphire Therapeutics (NASDAQ:GEMP) traded up $0.11 during mid-day trading on Tuesday, reaching $9.29. The company had a trading volume of 24,400 shares, compared to its average volume of 67,652. Gemphire Therapeutics has a 12 month low of $7.20 and a 12 month high of $21.59.
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Large investors have recently modified their holdings of the company. Advisory Services Network LLC bought a new position in shares of Gemphire Therapeutics during the second quarter valued at $139,000. Renaissance Technologies LLC bought a new position in shares of Gemphire Therapeutics during the first quarter valued at $184,000. Vanguard Group Inc. increased its holdings in shares of Gemphire Therapeutics by 137.6% during the second quarter. Vanguard Group Inc. now owns 30,898 shares of the company’s stock valued at $399,000 after acquiring an additional 17,892 shares in the last quarter. GM Advisory Group Inc. bought a new position in shares of Gemphire Therapeutics during the second quarter valued at $457,000. Finally, Comerica Bank bought a new position in shares of Gemphire Therapeutics during the third quarter valued at $850,000. Hedge funds and other institutional investors own 32.91% of the company’s stock.
About Gemphire Therapeutics
Gemphire Therapeutics Inc is a clinical-stage biopharmaceutical company. The Company is engaged in the development and commercialization of therapeutics to treat cardiovascular and metabolic diseases. It is developing its product candidate, gemcabene (CI-1027), which is a once-daily, oral therapy for patients who are unable to achieve normal levels of low-density lipoprotein cholesterol (LDL-C) or triglycerides with approved therapies, primarily statin therapy.
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