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Immunocore Holdings (IMCR)
NASDAQ:IMCR
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Immunocore Holdings
(NASDAQ:IMCR)
59Neutral
Positive Factors
Drug Efficacy
The initial data for IMC-M113V showed promising signs of efficacy, such as lowering HIV viral load, hinting at its potential as a functional cure for HIV.
Mechanism of Action
IMC-M113V offers a novel mechanism for disease control and potential for a functional cure.
Negative Factors
Antiviral Activity
IMC-M113V treatment did not demonstrate a clear dose response in antiviral activity.
Viral Control
Spikes in viral copy number above the threshold for infectivity were observed before the 12-week mark.
Immunocore Holdings (IMCR) vs. S&P 500 (SPY)
Market Cap
$1.45B
Dividend YieldN/A
Average Volume (3M)219.89K
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth24.19%
EPS Growth10.51%
CountryUS
Employees497
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.02
Shares Outstanding50,068,127
10 Day Avg. Volume255,156
30 Day Avg. Volume219,894
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)9.57
Price to Cash Flow (P/CF)37.00
P/FCF Ratio26.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$66.80Price Target Upside136.29% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
Immunocore Holdings Business Overview & Revenue Model
Company DescriptionImmunocore Holdings (IMCR) is a pioneering biotechnology company focused on developing a novel class of T cell receptor (TCR) therapeutics for the treatment of cancer, infectious diseases, and autoimmune conditions. The company's proprietary ImmTAC technology platform enables the creation of targeted therapies that harness the body's immune system to fight diseases. As a leader in the biotech sector, Immunocore is dedicated to transforming the landscape of therapeutic options available to patients worldwide.
How the Company Makes MoneyImmunocore Holdings primarily makes money through the development and commercialization of its innovative TCR-based therapies. The company's revenue streams include partnerships and collaborations with pharmaceutical companies for the co-development and co-commercialization of its products, as well as licensing agreements for its proprietary ImmTAC technology. Additionally, Immunocore generates income from direct sales of its approved therapies. Significant partnerships with leading biotech and pharmaceutical firms contribute to its earnings by providing upfront payments, milestone payments, and royalties based on sales of co-developed products.
Immunocore Holdings Financial Statement Overview
Summary
Immunocore Holdings shows strong revenue growth and improving cash flow, suggesting potential for future profitability. However, persistent net losses and negative profit margins highlight operational challenges. The balance sheet remains stable, supported by a manageable debt level and strong equity position.Income Statement
Immunocore Holdings has demonstrated a strong revenue growth with an increase from $143.7M in 2022 to $310.2M in 2024, indicating a substantial upward trajectory. However, the company continues to incur losses with a negative net profit margin, though the net loss has decreased from $55.3M in 2023 to $51.1M in 2024. The EBIT and EBITDA margins are also negative, reflecting ongoing operational challenges.55
Neutral
Balance Sheet
The company's balance sheet shows a healthy debt-to-equity ratio, with total debt standing at $41.7M against a stockholders' equity of $360.7M in 2024. The equity ratio of 35.7% indicates a stable capital structure. However, the return on equity remains negative due to consecutive net losses, which is a concern for investors seeking profitability.60
Neutral
Cash Flow
Immunocore Holdings has managed a positive shift in free cash flow, growing from $-2.5M in 2023 to $20.9M in 2024. The operating cash flow to net income ratio shows an improvement, reflecting better cash management despite ongoing net losses. This positive trend in cash flow is encouraging, but the company must continue this momentum to achieve sustainable growth.70
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 310.20M | 249.43M | 143.74M | 26.52M | 30.11M | Gross Profit |
| 307.47M | 248.39M | 143.28M | -46.71M | -44.70M | EBIT |
| -70.46M | -59.65M | -39.61M | -135.16M | -86.19M | EBITDA |
| -70.46M | -51.65M | -38.35M | -166.72M | ― | Net Income Common Stockholders |
| -51.09M | -55.29M | -41.22M | -131.52M | -74.09M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 820.38M | 442.63M | 332.54M | 237.89M | 129.72M | Total Assets |
| 1.01B | 597.00M | 435.52M | 301.77M | 197.19M | Total Debt |
| 41.71M | 84.03M | 69.30M | 63.84M | 63.89M | Net Debt |
| -414.02M | -358.59M | -263.24M | -174.05M | -65.83M | Total Liabilities |
| 648.79M | 228.16M | 156.76M | 130.23M | 141.85M | Stockholders Equity |
| 360.72M | 368.84M | 278.76M | 171.55M | 55.35M |
| Cash Flow | Free Cash Flow | |||
| 20.89M | -2.48M | -33.47M | -130.76M | -63.65M | Operating Cash Flow |
| 26.06M | 2.94M | -31.27M | -129.75M | -60.57M | Investing Cash Flow |
| -355.13M | -5.42M | 233.00K | -495.00K | 467.00K | Financing Cash Flow |
| 343.88M | 34.35M | 138.23M | 276.25M | 115.94M |
Immunocore Holdings Technical Analysis
Negative
28.27
Price Trends
30.09
Negative
30.94
Negative
33.81
Negative
Market Momentum
-0.36
Positive
41.79
Neutral
34.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMCR, the sentiment is Negative. The current price of 28.27 is below the 20-day moving average (MA) of 29.54, below the 50-day MA of 30.09, and below the 200-day MA of 33.81, indicating a bearish trend. The MACD of -0.36 indicates Positive momentum. The RSI at 41.79 is Neutral, neither overbought nor oversold. The STOCH value of 34.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMCR.
Immunocore Holdings Risk Analysis
Immunocore Holdings disclosed 36 risk factors in its most recent earnings report. Immunocore Holdings reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Immunocore Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | $1.45B | ― | -13.92% | ― | 24.19% | 10.51% | |
49 Neutral | $6.84B | 0.05 | -53.14% | 2.48% | 24.49% | -3.26% | |
48 Neutral | $1.25B | ― | -57.48% | ― | 13698.99% | 31.46% | |
44 Neutral | $118.14M | ― | -53.54% | ― | 145.37% | 57.01% | |
42 Neutral | $37.60M | ― | -270.20% | ― | 144.50% | -141.91% | |
42 Neutral | $115.74M | ― | -54.21% | ― | -78.55% | -0.92% | |
41 Neutral | $63.37M | ― | 41.08% | ― | -0.55% | 49.85% |
* Healthcare Sector Average
Performance Comparison
IMCR
Immunocore Holdings
28.27
-32.56
-53.53%
BLUE
Bluebird Bio
3.73
-24.67
-86.87%
FATE
Fate Therapeutics
0.94
-6.55
-87.45%
KPTI
Karyopharm Therapeutics
6.94
-15.71
-69.36%
IOVA
Iovance Biotherapeutics
3.52
-10.39
-74.69%
ADAP
Adaptimmune Therapeutics
0.45
-1.03
-69.59%
Immunocore Holdings Earnings Call Summary
Earnings Call Date: Feb 26, 2025 | % Change Since: -3.22% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Positive
The earnings call reflected a strong performance in revenue growth and global expansion of KymTrak, as well as promising advancements in clinical trials and a solid financial position. However, challenges in European reimbursement and uncertainties in HIV treatment results were noted. The overall sentiment is predominantly positive due to significant achievements outweighing the challenges.Highlights
KymTrak Revenue Growth
KymTrak achieved a 5% growth in Q4 versus Q3, with a 30% year-on-year revenue growth, culminating in a total of $310 million in revenue for the year 2024.
Global Expansion of KymTrak
KymTrak was launched in fourteen new countries, bringing the total to thirty-nine countries. It has over 80% market share of HLA-201 positive patients in major markets.
Strong Financial Position
Immunocore Holdings reported $820 million in cash and marketable securities at the end of 2024 after repaying a $50 million loan.
Advancement of Clinical Trials
Progress was made in three ongoing phase three trials, including TEBIAM and ATOM, and a new trial, Plizumel, was initiated. Two phase one trials with novel molecules were also started.
Promising Pipeline in Infectious Diseases and Autoimmune
Completion of the HBV single ascending dose trial and progress in HIV trials, with advancements in autoimmune candidates targeting type 1 diabetes and atopic dermatitis.
Lowlights
Challenging Reimbursement Environment in Europe
The reimbursement environment in Europe remains challenging, affecting revenue recognition and requiring ongoing price negotiations in countries like Germany and France.
HIV Clinical Trial Uncertainties
Uncertainty remains regarding the appropriate dose and the effectiveness of the HIV treatment, with a focus on achieving functional cure indicators like viral reservoir reduction and delayed viral rebound.
Company Guidance
During the Immunocore Holdings plc conference call for the fourth quarter and full year 2024, the company provided various metrics highlighting its performance and future guidance. KymTrak, a key product, generated $310 million in net revenues for the year, reflecting a 30% year-on-year growth, with $84.1 million in net revenues in Q4, marking a 5% increase from the prior quarter. The U.S. market saw significant growth, contributing $206 million, a 34% increase year-on-year. Immunocore's clinical pipeline progressed with three ongoing phase three trials, including TEBIAM and ATOM for melanoma, and the initiation of two phase one trials. The company also advanced into autoimmune diseases, targeting type 1 diabetes and atopic dermatitis. For 2025, Immunocore expects incremental growth in KymTrak led by U.S. market penetration and new international launches, with R&D expenses projected to increase as they advance their pipeline. Immunocore reported a strong cash position of $820 million, supporting its continued focus on delivering transformative medicines.Immunocore Holdings Corporate Events
Product-Related AnnouncementsBusiness Operations and Strategy
Immunocore Holdings Reveals Promising HIV Trial Results
Positive
Mar 10, 2025
On March 10, 2025, Immunocore Holdings announced initial data from the Phase 1/2 STRIVE trial of IMC-M113V, a functional cure candidate for HIV, presented at the CROI 2025 conference. The data showed that IMC-M113V was well tolerated with signals of dose-dependent viral control after antiretroviral treatment interruption, marking a significant step in HIV treatment. The trial continues to evaluate higher doses, with potential implications for reducing lifelong antiretroviral treatment for people living with HIV.
Executive/Board ChangesBusiness Operations and StrategyFinancial Disclosures
Immunocore Holdings Appoints William Pao as Director
Positive
Feb 26, 2025
On February 25, 2025, Immunocore Holdings appointed William Pao, M.D., Ph.D., as a Class II director, bringing his extensive experience from roles at Revelio Therapeutics and Pfizer. In 2024, Immunocore reported $310 million in KIMMTRAK sales, launched in 14 new countries, and continued its clinical pipeline advancements, including Phase 3 trials for melanoma and PRAME portfolio developments, supported by a strong cash position of $820.4 million.
Product-Related AnnouncementsBusiness Operations and Strategy
Immunocore Holdings Outlines Strategic Priorities for 2025
Positive
Jan 10, 2025
Immunocore Holdings announced its strategic priorities for 2025, with a focus on expanding its melanoma franchise and advancing its clinical portfolio. The company plans to increase global access to KIMMTRAK for metastatic uveal melanoma patients, enroll in multiple Phase 3 melanoma trials, and progress its pipeline in autoimmune diseases and other areas. These efforts signal Immunocore’s commitment to innovative growth and enhancing its position in the biotechnology industry.
Executive/Board ChangesBusiness Operations and Strategy
Immunocore Holdings Strengthens Leadership with Key Appointment
Positive
Jan 2, 2025
Immunocore Holdings has appointed Travis Coy as its new Executive Vice President, Chief Financial Officer, and Head of Corporate Development, effective January 1, 2025. Coy transitions from his role as a Non-Executive Director at Immunocore, bringing over 20 years of experience from Eli Lilly where he held numerous leadership positions in finance and business development. This strategic appointment is expected to strengthen Immunocore’s executive team as the company continues its mission to deliver transformative medicines, indicating a focus on expanding its financial and corporate development capabilities.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.