Gemphire Therapeutics Inc (NASDAQ:GEMP) shares shot up 16.5% during trading on Wednesday . The stock traded as high as $13.98 and last traded at $13.17, with a volume of 354,759 shares traded. The stock had previously closed at $11.30.

Several brokerages have commented on GEMP. RBC Capital Markets began coverage on Gemphire Therapeutics in a report on Tuesday. They set an “outperform” rating and a $25.00 target price on the stock. Jefferies Group started coverage on Gemphire Therapeutics in a research report on Tuesday. They issued a “buy” rating and a $15.00 price objective for the company. Royal Bank Of Canada started coverage on Gemphire Therapeutics in a research report on Tuesday. They issued an “outperform” rating and a $25.00 price objective for the company. Finally, Canaccord Genuity started coverage on Gemphire Therapeutics in a research report on Tuesday. They issued a “buy” rating and a $17.00 price objective for the company.

The firm has a 50-day moving average of $9.87 and a 200-day moving average of $9.87. The firm’s market capitalization is $49.53 million.

In other news, CFO Jeffrey S. Mathiesen bought 4,000 shares of Gemphire Therapeutics stock in a transaction that occurred on Wednesday, August 10th. The shares were acquired at an average price of $10.00 per share, with a total value of $40,000.00. Following the completion of the purchase, the chief financial officer now directly owns 3,927 shares in the company, valued at $39,270. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider David Lowenschuss bought 11,120 shares of Gemphire Therapeutics stock in a transaction that occurred on Wednesday, August 10th. The stock was purchased at an average cost of $10.00 per share, for a total transaction of $111,200.00. Following the purchase, the insider now owns 806,247 shares of the company’s stock, valued at $8,062,470. The disclosure for this purchase can be found here.

Gemphire Therapeutics Inc is a clinical-stage biopharmaceutical company. The Company is focused on developing and commercializing therapies for the treatment of dyslipidemia. It is developing its product candidate Gemcabene (CI-1027), 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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