In a report released today, Patrick Trucchio from H.C. Wainwright reiterated a Buy rating on Immunocore Holdings, with a price target of $100.00.
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Patrick Trucchio has given his Buy rating due to a combination of factors, primarily focusing on the promising clinical data and strategic positioning of Immunocore Holdings. The recent data from Immatics’ PRAME-targeted T cell therapy, which showed significant efficacy in treating metastatic uveal melanoma, reinforces the potential of Immunocore’s brenetafusp program. The positive results, including a high overall response rate and durable responses, validate PRAME as a potent target for immunotherapy, thereby strengthening confidence in Immunocore’s approach.
Furthermore, the safety profile of PRAME-directed therapies, demonstrated by manageable adverse events, aligns with the tolerability seen in Immunocore’s trials, suggesting a favorable therapeutic index. This consistency in safety across different modalities reduces the risk associated with Immunocore’s PRAME franchise. The ability of brenetafusp to be administered off-the-shelf with repeat dosing offers a competitive advantage, supporting the Buy rating and the $100 price target set by Trucchio.