TD Cowen analyst Tyler Van Buren maintained a Buy rating on Immunocore Holdings today and set a price target of $60.00.
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Tyler Van Buren has given his Buy rating due to a combination of factors, primarily driven by the strong performance of Immunocore Holdings’ key product, Kimmtrak. The company reported impressive sales figures for Kimmtrak, surpassing market expectations by 7% with $98 million in Q2 sales. This growth is attributed to increased demand in the US, where sales rose by 15% year-over-year, and the product’s expansion into community settings, which cater to a majority of patients.
Additionally, Immunocore’s strategic moves, such as its distribution and commercialization agreement with Er-Kim Pharmaceuticals, are expected to further enhance revenue streams by expanding market reach into regions like Turkey and the Middle East. The ongoing Phase II/III TEBE-AM trial for Kimmtrak in cutaneous melanoma patients also presents a significant potential for future growth, with the trial’s rapid enrollment and expected data readout by the end of 2026. These factors collectively underpin Van Buren’s positive outlook on Immunocore Holdings, justifying the Buy rating.