Needham’s Gil Blum Reiterates Buy on Strong Execution, Robust Pipeline and Solid Cash Runway, Keeps $75 Price Target Unchanged

Analyst Gil Blum from Needham maintained a Buy rating on Immunocore Holdings and keeping the price target at $75.00.

Gil Blum has given his Buy rating due to a combination of factors, including solid commercial performance and disciplined expense management. Kimmtrak delivered quarterly revenue slightly above the prior period and in line with both Needham and broader Street expectations, while operating costs were lower than anticipated, supporting meaningful net income for the quarter.

He also highlights the company’s strong development pipeline and ample financial resources as key positives. Multiple clinical programs, including TEBE-AM, PRAME-targeted assets, and the HIV initiative, are progressing on schedule toward important data readouts in 2026, and the firm’s substantial cash balance of $845M provides a long runway to execute these plans, underpinning his unchanged $75 price target and Buy recommendation.

Blum covers the Healthcare sector, focusing on stocks such as Celcuity, Solid Biosciences, and Taysha Gene Therapies. According to TipRanks, Blum has an average return of 14.3% and a 42.34% success rate on recommended stocks.

In another report released today, TD Cowen also maintained a Buy rating on the stock with a $60.00 price target.