Canaccord Genuity Keeps Their Buy Rating on Gemphire Therapeutics

By Carrie Williams

Canaccord Genuity analyst John Newman reiterated a Buy rating on Gemphire Therapeutics (NASDAQ: GEMP) today and set a price target of $17. The company’s shares opened today at $9.16.

According to TipRanks.com, Newman is ranked 0 out of 5 stars with an average return of -8.3% and a 31.7% success rate. Newman covers the Healthcare sector, focusing on stocks such as Advanced Accelerator Applications, Hutchison China MediTech Ltd, and Dimension Therapeutics Inc.

Currently, the analyst consensus on Gemphire Therapeutics is Strong Buy and the average price target is $21.33, representing a 132.9% upside.

In a report released today, Jefferies also reiterated a Buy rating on the stock with a $17 price target.

Based on Gemphire Therapeutics’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $0 and GAAP net loss of $7.5 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $2.1 million.

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Gemphire Therapeutics, Inc. is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of therapies for the treatment of dyslipidemia. Its product under the Gemcabene name is used an adjunctive therapy to reduce low-density lipoprotein cholesterol, high-sensitivity C-reactive protein, and triglycerides. The company was founded by Charles L. Bisgaier and David Lowenschuss on October 30, 2014 and is headquartered in Northville, MI.