Immunocore initiated with a Buy at Deutsche Bank

Deutsche Bank initiated coverage of Immunocore (IMCR) with a Buy rating and $65 price target The firm says Kimmtrak has established itself as the standard of care for HLA-A*02+ front-line metastatic uveal melanoma with its overall survival benefit. Immunocore’s current valuation offers a favorable risk/reward where Kimmtrak’s “niche” in metastatic uveal melanoma provides a “floor valuation” with expansion into second-line cutaneous melanoma providing upside, the analyst tells investors in a research note.