Gemphire Therapeutics Inc. (NASDAQ:GEMP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

According to Zacks, “Gemphire Therapeutics Inc. is a biopharmaceutical company. It focused on developing and commercializing therapies for the treatment of dyslipidemia. The company’s product candidate is gemcabene (CI-1027), an oral therapy for patients who are unable to achieve normal levels of LDL-C or triglycerides with currently approved therapies. Gemphire Therapeutics Inc. is headquartered in Northville, Michigan. “

GEMP has been the topic of a number of other research reports. Jefferies Group LLC cut their target price on shares of Gemphire Therapeutics from $32.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday, August 8th. Canaccord Genuity reissued a “buy” rating on shares of Gemphire Therapeutics in a research report on Friday, October 13th. HC Wainwright initiated coverage on shares of Gemphire Therapeutics in a research report on Thursday, August 31st. They set a “buy” rating and a $21.00 target price on the stock. Finally, Roth Capital initiated coverage on shares of Gemphire Therapeutics in a research report on Thursday, October 19th. They set a “buy” rating and a $30.00 target price on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Gemphire Therapeutics presently has an average rating of “Buy” and a consensus target price of $23.33.

Gemphire Therapeutics (NASDAQ GEMP) traded down 0.41% during midday trading on Wednesday, reaching $9.60. 23,630 shares of the company traded hands. Gemphire Therapeutics has a one year low of $7.20 and a one year high of $21.59. The company has a 50 day moving average price of $9.65 and a 200-day moving average price of $9.65. The stock’s market capitalization is $102.01 million.

Gemphire Therapeutics (NASDAQ:GEMP) last posted its earnings results on Monday, August 14th. The company reported ($0.99) EPS for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.28). Analysts forecast that Gemphire Therapeutics will post ($2.98) EPS for the current fiscal year.

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Several institutional investors have recently modified their holdings of GEMP. Renaissance Technologies LLC purchased a new position in shares of Gemphire Therapeutics in the 1st quarter worth approximately $184,000. Northpointe Capital LLC purchased a new position in shares of Gemphire Therapeutics in the 2nd quarter worth approximately $3,472,000. Cambridge Investment Research Advisors Inc. grew its position in shares of Gemphire Therapeutics by 1.7% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 153,064 shares of the company’s stock worth $1,959,000 after buying an additional 2,500 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Gemphire Therapeutics by 137.6% in the 2nd quarter. Vanguard Group Inc. now owns 30,898 shares of the company’s stock worth $399,000 after buying an additional 17,892 shares during the last quarter. Finally, GM Advisory Group Inc. purchased a new position in shares of Gemphire Therapeutics in the 2nd quarter worth approximately $457,000. 29.72% of the stock is currently 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.

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Analyst Recommendations for Gemphire Therapeutics (NASDAQ:GEMP)

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