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

GEMP has been the subject of several recent research reports. Canaccord Genuity initiated coverage on Gemphire Therapeutics in a research report on Tuesday. They set a “buy” rating and a $17.00 price target for the company. Jefferies Group initiated coverage on Gemphire Therapeutics in a research report on Tuesday. They set a “buy” rating and a $15.00 price target for the company. Royal Bank Of Canada initiated coverage on Gemphire Therapeutics in a research report on Tuesday. They set an “outperform” rating and a $25.00 price target for the company. Finally, RBC Capital Markets initiated coverage on Gemphire Therapeutics in a research report on Tuesday. They set an “outperform” rating and a $25.00 price target for the company.

The firm’s market capitalization is $50.55 million. The company’s 50 day moving average price is $10.06 and its 200-day moving average price is $10.06.

In related news, insider David Lowenschuss acquired 11,120 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was bought at an average cost of $10.00 per share, with a total value of $111,200.00. Following the transaction, the insider now owns 806,247 shares of the company’s stock, valued at $8,062,470. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Steven R. Ph.D. Gullans acquired 500,000 shares of the firm’s stock in a transaction on Wednesday, August 10th. The shares were bought at an average cost of $10.00 per share, with a total value of $5,000,000.00. 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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