Canaccord Genuity set a $31.00 target price on Gemphire Therapeutics Inc. (NASDAQ:GEMP) in a research note released on Wednesday morning. The firm currently has a buy rating on the stock.

Several other analysts also recently commented on the company. Zacks Investment Research raised Gemphire Therapeutics from a sell rating to a hold rating in a research note on Thursday, May 11th. Piper Jaffray Companies initiated coverage on Gemphire Therapeutics in a research note on Monday, April 10th. They issued an overweight rating and a $30.00 price objective for the company. Finally, Jefferies Group LLC set a $17.00 price objective on Gemphire Therapeutics and gave the stock a buy rating in a research note on Wednesday, May 31st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. The company has a consensus rating of Buy and an average target price of $23.67.

Gemphire Therapeutics (NASDAQ:GEMP) opened at 20.61 on Wednesday. Gemphire Therapeutics has a 1-year low of $7.25 and a 1-year high of $21.27. The firm has a 50-day moving average price of $14.06 and a 200-day moving average price of $11.35. The company’s market capitalization is $218.47 million.

Gemphire Therapeutics (NASDAQ:GEMP) last issued its quarterly earnings data on Tuesday, May 9th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.61) by $0.18. On average, analysts forecast that Gemphire Therapeutics will post ($2.78) EPS for the current fiscal year.

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Hedge funds have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Gemphire Therapeutics during the first quarter valued at approximately $1,581,000. Exchange Capital Management Inc. bought a new stake in shares of Gemphire Therapeutics during the first quarter valued at approximately $444,000. Renaissance Technologies LLC acquired a new stake in shares of Gemphire Therapeutics during the first quarter worth approximately $184,000. Finally, Norris Perne & French LLP MI acquired a new stake in shares of Gemphire Therapeutics during the first quarter worth approximately $110,000. 27.77% of the stock is owned by hedge funds and other institutional investors.

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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