Immunocore Holdings (IMCR) AI Stock Analysis

• Market Cap: $1.61B
• Dividend Yield: N/A
• Average Volume (3M): 278.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• Revenue Growth: 26.90%
• EPS Growth: 62.72%
• Country: US
• Employees: 493
• Sector: Healthcare
• Sector Strength: 38
• Industry: Biotechnology
• EPS (TTM): -0.20
• Shares Outstanding: 50,387,070
• 10 Day Avg. Volume: 335,012
• 30 Day Avg. Volume: 278,122
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 3.39
• Enterprise Value/Gross Profit: 3.43
• Enterprise Value/Ebitda: -25.38
• 1Y Price Target: $56.38
• Price Target Upside: 76.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8

• Rating: 51 Neutral
• Price Target: $33.00 ▲(3.22% Upside)

Immunocore Holdings' overall score is primarily influenced by its strong revenue growth and improving cash flow, despite ongoing operational challenges. Bearish technical indicators and negative valuation metrics weigh down the score, reflecting concerns over profitability and market sentiment.

Positive Factors

Financial Health

Immunocore ended with $882M, indicating strong financial health.

Market Expansion

Kimmtrak is approved in 39 countries and launched in 28, with increased demand and new country launches contributing to growth.

Sales Performance

Immunocore reported strong Kimmtrak sales of $98M, handily beating consensus estimates.

Negative Factors

Competitive Landscape

The complexity, cost, and toxicity profile of autologous TCR T cell therapy underscore the competitive advantage of Immunocore's brenetafusp’s repeatable and combinable bispecific T cell engager mechanism.

Immunocore Holdings Business Overview & Revenue Model

Company Description

Immunocore Holdings (IMCR) is a pioneering biotechnology company specializing in the development of novel T cell receptor (TCR) bispecific immunotherapies. The company focuses on harnessing the power of the immune system to target and combat cancers, infectious diseases, and autoimmune diseases. With its proprietary ImmTAX platform, Immunocore is at the forefront of creating innovative therapeutics aimed at addressing unmet medical needs.

How the Company Makes Money

Immunocore Holdings makes money primarily through the development and commercialization of its TCR bispecific immunotherapies. The company generates revenue through a combination of product sales, licensing agreements, and strategic partnerships. A significant portion of its revenue comes from collaborations with pharmaceutical companies, where Immunocore licenses its technology or co-develops therapies, often receiving milestone payments and royalties. Additionally, the company benefits from research and development funding provided by partners and various grants, contributing to its financial stability and growth.

Immunocore Holdings Financial Statement Overview

Summary

Immunocore Holdings shows strong revenue growth and improving cash flow, which are positive indicators for future profitability. However, ongoing net losses and negative profit margins indicate significant operational challenges that must be addressed. The balance sheet is stable with manageable debt levels and a 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.

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.

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.

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
EBITDA	-70.46M	-51.65M	-38.35M	-166.72M	―
Net Income	-51.09M	-55.29M	-41.22M	-131.52M	-74.09M
Balance Sheet
Total Assets	1.01B	597.00M	435.52M	301.77M	197.19M
Cash, Cash Equivalents and Short-Term Investments	820.38M	442.63M	332.54M	237.89M	129.72M
Total Debt	432.72M	84.03M	69.30M	63.84M	63.89M
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

• Technical Analysis Sentiment: Negative
• Last Price: 31.97
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 31.97 is below the 20-day moving average (MA) of 34.37, below the 50-day MA of 34.29, and above the 200-day MA of 31.31, indicating a neutral trend. The MACD of -0.54 indicates Positive momentum. The RSI at 35.80 is Neutral, neither overbought nor oversold. The STOCH value of 19.47 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IMCR.

Immunocore Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TVTX	60 Neutral	$1.51B	―	-705.73%	―	87.94%	57.84%
IDYA	56 Neutral	$2.02B	―	-35.09%	―	-41.48%	-73.55%
Sector *	51 Neutral	$7.35B	-0.20	-44.53%	2.35%	30.18%	-1.17%
IMCR	51 Neutral	$1.61B	―	-5.38%	―	26.90%	62.72%
CGON	45 Neutral	$1.89B	―	-20.95%	―	―	―
IRON	43 Neutral	$2.02B	―	-26.36%	―	―	-22.19%
VERA	39 Underperform	$1.26B	―	-54.83%	―	―	-62.51%

Immunocore Holdings Corporate Events

Immunocore Holdings Secures Shareholder Approval at AGM

On May 15, 2025, Immunocore Holdings plc held its Annual General Meeting where shareholders approved all thirteen resolutions presented. These included the re-appointment of directors, approval of executive compensation, and authorization for the company to make political donations and allot shares. The successful passage of these resolutions indicates strong shareholder support for the company’s current management and strategic direction, potentially reinforcing its operational stability and market confidence.

The most recent analyst rating on (IMCR) stock is a Hold with a $35.00 price target. To see the full list of analyst forecasts on Immunocore Holdings stock, see the IMCR Stock Forecast page.