Guggenheim assumed coverage of Immunocore (IMCR) with a Neutral rating. The company is a pioneer of the TCR therapeutics category with a solid commercial foundation in Kimmtrak – the only FDA approved systemic therapy for metastatic uveal melanoma and a $400M drug which has consistently topped the Street expectations since its launch in 2022, the analyst tells investors in a research note. Looking ahead to the next leg of growth however, the firm sees fewer sources of commercial outperformance for Kimmtrak as U.S. mUM market penetration continues to plateau, contributions from new ex-US launches taper, and real-world duration of therapy is fully appreciated, Guggenheim added.
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