Canaccord Genuity set a $31.00 price target on Gemphire Therapeutics Inc. (NASDAQ:GEMP) in a research report sent to investors on Tuesday morning. The brokerage currently has a buy rating on the stock.

GEMP has been the subject of several other research reports. Piper Jaffray Companies started coverage on shares of Gemphire Therapeutics in a report on Monday, April 10th. They issued an overweight rating and a $30.00 price target for the company. Zacks Investment Research upgraded shares of Gemphire Therapeutics from a sell rating to a hold rating in a report on Tuesday, April 25th. Finally, Jefferies Group LLC reiterated a buy rating and issued a $17.00 price target on shares of Gemphire Therapeutics in a report on Tuesday, April 11th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $24.33.

Shares of Gemphire Therapeutics (GEMP) traded down 2.27% during midday trading on Tuesday, hitting $8.60. 133,604 shares of the company’s stock were exchanged. The firm’s market cap is $91.16 million. The company has a 50-day moving average of $15.29 and a 200-day moving average of $11.69. Gemphire Therapeutics has a 52 week low of $7.25 and a 52 week high of $21.59.

Gemphire Therapeutics (NASDAQ:GEMP) last released its quarterly earnings results on Tuesday, May 9th. The company reported ($0.79) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.61) by $0.18. Equities research analysts expect that Gemphire Therapeutics will post ($2.78) EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in GEMP. Cambridge Investment Research Advisors Inc. bought a new position in Gemphire Therapeutics during the first quarter valued at $1,581,000. Exchange Capital Management Inc. bought a new position in Gemphire Therapeutics during the first quarter valued at $444,000. Norris Perne & French LLP MI bought a new position in Gemphire Therapeutics during the first quarter valued at $110,000. Northpointe Capital LLC bought a new position in Gemphire Therapeutics during the second quarter valued at $3,472,000. Finally, Renaissance Technologies LLC bought a new position in Gemphire Therapeutics during the first quarter valued at $184,000. Institutional investors own 25.60% 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.

Analyst Recommendations for Gemphire Therapeutics (NASDAQ:GEMP)

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