UPDATE: RBC Capital Starts Gemphire Therapeutics (GEMP) at Outperform
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(Updated - August 30, 2016 7:41 AM EDT)
RBC Capital initiated coverage on Gemphire Therapeutics (NASDAQ: GEMP) with an Outperform rating and a price target of $25. Analyst Adnan Butt sees potential for significant upside.
"We initiate coverage with an Outperform rating and $25 price target. Gemcabene is differentiated and lowers both cholesterol and triglyceride levels to address cardiovascular diseases affecting 16M patients in the U.S. alone. Phase 2b trials are ongoing and could have data in 2017. GEMP has development flexibility, multiple paths to maximize gemcabene opportunity, owns all rights, and there is scarcity value for cardiovascular assets," said Butt.
Shares of Gemphire Therapeutics closed at $10.15 yesterday.
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