Jefferies Starts Gemphire Therapeutics (GEMP) at Buy
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Jefferies initiates coverage on Gemphire Therapeutics (NASDAQ: GEMP) with a Buy rating and a price target of $15.00.
Analyst Matthew Andrews commented, "Initiating with a Buy Rating and $15 price target. Gemcabene is being developed to address the large, evolving global dyslipidemia market. If gemcabene’s profile and Ph. II(b)/III data replicate Pfizer’s Ph. I/II(a) data, we believe it can ultimately become a broadly-adopted 2nd Line agent used with statins. We estimate 2036 global-adjusted royalties to GEMP of $385M."
Shares of Gemphire Therapeutics closed at $10.15 yesterday.
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