Analysts at Laidlaw initiated coverage on Gemphire Therapeutics Inc (NASDAQ: GEMP) stock, rating the company at Buy and a price target of $20.00. As a means of comparison, a number of other analysts have commented on the company recently, and the company has secured a consensus one-year price target of $19.25, $13.49. Gemphire Therapeutics Incstock has a 52-week high of $13.98.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.
Meanwhile U.S stocks were up on Tuesday after the long holiday weekend, with the NASDAQ establishing a new record closing high
The Dow Jones Industrial Average DJIA, +0.25% finished up 46.16 points, or 0.3%, at 18,538.12.
The S&P 500 index SPX, +0.30% rose 6.50 points, or 0.3%, to close at 2,186.48.
Meanwhile, the Nasdaq Composite Index COM P, +0.50% rose 26.01 points, or 0.5% to a new closing high of 5,275.91.
The Russell 2000 index RUT, +0.12% briefly touched a 52-week high of 1,254.41 Tuesday, and closed up fractionally just above 1,253.
Stock prices often move to the upside on recommendations and new price targets of professional analysts.
Shares of Gemphire Therapeutics Inc (NASDAQ: GEMP) opened at $13.49 and traded in a range between, $13.13 and $13.50 yesterday, and last traded at $13.28, which represents a change of $ 0.05 over the previous closing price.
Gemphire Therapeutics Inc (NASDAQ: GEMP) now has a market cap of 49.91M
The stocks average daily volume is 63,781 shares out of a total float 1,439,000 of and some 37,073 shares crossed the trading desk yesterday, 50 percent lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use swings in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for short periods will not mean much will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors have teams of analysts researching thousands of stocks, so it is good confirmation to see them buying a stock you’re considering.
By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of successful trades.
With that in mind Gemphire Therapeutics Inc (NASDAQ: GEMP) now has a 50-day MA is $10.52 and 200-day MA is $10.52, and it has traded in a 52-week range between $8.80 – 13.98 and today’s last price is -5.01 percent off the 52 week high.
Earnings growth is an important factor toresearch when investing in stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
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