Gemphire Therapeutics Inc. (GEMP) Receives “Overweight” Rating from Piper Jaffray Companies

Piper Jaffray Companies restated their overweight rating on shares of Gemphire Therapeutics Inc. (NASDAQ:GEMP) in a research note released on Friday morning, Marketbeat.com reports. The firm currently has a $22.00 price objective on the stock.

Other research analysts have also issued research reports about the company. Zacks Investment Research upgraded Gemphire Therapeutics from a hold rating to a strong-buy rating and set a $22.00 price objective for the company in a research report on Thursday, August 3rd. 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. Jefferies Group LLC boosted their price objective on Gemphire Therapeutics to $32.00 and gave the company a buy rating in a research report on Tuesday, August 1st. Finally, HC Wainwright began coverage on Gemphire Therapeutics in a research report on Thursday, August 31st. They set a buy rating and a $21.00 price objective for the company. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Gemphire Therapeutics currently has a consensus rating of Buy and an average price target of $22.00.

Gemphire Therapeutics (NASDAQ GEMP) traded down 2.85% during midday trading on Friday, hitting $9.90. The stock had a trading volume of 3,575 shares. Gemphire Therapeutics has a one year low of $7.20 and a one year high of $21.59. The firm’s market cap is $105.20 million. The stock has a 50-day moving average price of $9.67 and a 200 day moving average price of $9.67.

Gemphire Therapeutics (NASDAQ:GEMP) last released its quarterly earnings data on Monday, August 14th. The company reported ($0.99) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.71) by ($0.28). On average, analysts predict that Gemphire Therapeutics will post ($3.00) earnings per share for the current year.

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Large investors have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC acquired a new position in Gemphire Therapeutics during the 1st quarter worth $184,000. Northpointe Capital LLC acquired a new position in Gemphire Therapeutics during the 2nd quarter worth $3,472,000. Cambridge Investment Research Advisors Inc. boosted its position in Gemphire Therapeutics by 1.7% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 153,064 shares of the company’s stock worth $1,959,000 after acquiring an additional 2,500 shares during the period. Vanguard Group Inc. boosted its position in Gemphire Therapeutics by 137.6% during the 2nd quarter. Vanguard Group Inc. now owns 30,898 shares of the company’s stock worth $399,000 after acquiring an additional 17,892 shares during the period. Finally, GM Advisory Group Inc. acquired a new position in Gemphire Therapeutics during the 2nd quarter worth $457,000. Institutional investors and hedge funds own 32.06% 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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