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Immunocore Holdings (IMCR)
NASDAQ:IMCR
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Immunocore Holdings
(NASDAQ:IMCR)
Rating:62Neutral
Price Target:
$40.00
▲(7.38%Upside)
Positive Factors
Clinical Trials
The PRISM-MEL-301 trial represents a key catalyst for the brenetafusp program with dose selection expected to drive further development.
Market Expansion
KIMMTRAK remains the standard of care in HLA-A*02:01-positive metastatic uveal melanoma and is now launched in 26 countries, with commercial growth supported by further U.S. uptake, new international launches, and completed pricing negotiations in France and Germany.
Product Revenue
KIMMTRAK net product revenue for 1Q25 was $93.9M, above the IMCR-provided consensus estimate.
Negative Factors
Competitive Landscape
A strong US commercial supply positions the company well.
Therapy Complexity
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 (IMCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.91B
Dividend YieldN/A
Average Volume (3M)383.56K
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth25.50%
EPS Growth64.63%
CountryUS
Employees493
SectorHealthcare
Sector Strength42
IndustryBiotechnology
Share Statistics
EPS (TTM)0.10
Shares Outstanding50,233,610
10 Day Avg. Volume578,623
30 Day Avg. Volume383,564
Financial Highlights & Ratios
PEG Ratio-4.33
Price to Book (P/B)3.94
Price to Sales (P/S)0.00
P/FCF Ratio68.23
Enterprise Value/Market Cap0.73
Enterprise Value/Revenue1.12
Enterprise Value/Gross Profit4.56
Enterprise Value/Ebitda-6.19
Forecast
1Y Price Target
$67.50Price Target Upside81.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering10
Immunocore Holdings Business Overview & Revenue Model
Company DescriptionImmunocore Holdings plc, a commercial-stage biotechnology company, engages in the development of immunotherapies for the treatment of cancer, infectious, and autoimmune diseases. The company offers KIMMTRAK for the treatment of patients with unresectable or metastatic uveal melanoma. Its other programs for oncology comprise IMC-C103C that is in Phase I/II dose escalation trial in patients with solid tumor cancers, including non-small-cell lung (NSCLC), gastric, head and neck, ovarian, and synovial sarcoma cancers; IMC-F106C, which is in a Phase I/II dose escalation trial in patients with multiple solid tumor cancers comprising NSCLC, small-cell lung, endometrial, ovarian, cutaneous melanoma, and breast cancers. In addition, the company's programs for infectious diseases include IMC-I109V, which is in a Phase I/II clinical trial in patients with chronic hepatitis B virus; and IMC-M113V that is in pre-clinical development stage for patients with human immunosuppression virus. Further, it develops product candidates to provide precision targeted immunosuppression for the treatment of autoimmune diseases. Immunocore Holdings plc was founded in 1999 and is headquartered in Abingdon, the United Kingdom.
How the Company Makes MoneyImmunocore 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 Earnings Call Summary
Earnings Call Date:May 07, 2025
(Q4-2024)
| % Change Since: 32.75%|
Next Earnings Date:Aug 06, 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.Q4-2024 Updates
Positive Updates
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.
Negative Updates
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 Financial Statement Overview
Summary
Immunocore Holdings demonstrates strong revenue growth and improving cash flow, suggesting potential for future profitability. Despite this, persistent net losses and negative profit margins highlight operational challenges that need addressing. The balance sheet remains stable, supported by manageable debt 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.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 |
| 432.72M | 84.03M | 69.30M | 63.84M | 63.89M | Net Debt |
| -23.01M | -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
Positive
37.25
Price Trends
30.39
Positive
30.19
Positive
31.20
Positive
Market Momentum
2.26
Negative
66.81
Neutral
82.24
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMCR, the sentiment is Positive. The current price of 37.25 is above the 20-day moving average (MA) of 32.82, above the 50-day MA of 30.39, and above the 200-day MA of 31.20, indicating a bullish trend. The MACD of 2.26 indicates Negative momentum. The RSI at 66.81 is Neutral, neither overbought nor oversold. The STOCH value of 82.24 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMCR.
Immunocore Holdings Risk Analysis
Immunocore Holdings disclosed 106 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 3 New Risks
1.
Our articles of association provide that the courts of England and Wales are the exclusive forum for the resolution of all shareholder complaints other than complaints asserting a cause of action arising under the Securities Act and the Exchange Act, and that the U.S. District Court for the Southern District of New York will be the exclusive forum for the resolution of any shareholder complaint asserting a cause of action arising under the Securities Act or the Exchange Act. Q4, 2024
2.
As an English public limited company, certain capital structure decisions will require shareholder approval, which may limit our flexibility to manage our capital structure. Q4, 2024
3.
The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation. Q4, 2024
Immunocore Holdings Peers Comparison
Overall Rating
UnderperformOutperform
Sector (54)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $1.91B | ― | -5.78% | ― | 25.50% | 64.63% | |
54 Neutral | $5.31B | 3.29 | -45.39% | 2.79% | 16.77% | -0.07% | |
53 Neutral | $1.85B | ― | -31.34% | ― | -54.85% | -79.25% | |
51 Neutral | $1.31B | ― | -422.66% | ― | 49.29% | 44.52% | |
49 Neutral | $2.05B | ― | -16.57% | ― | ― | ― | |
43 Neutral | $1.66B | ― | -23.34% | ― | ― | -14.19% | |
39 Underperform | $1.45B | ― | -39.49% | ― | ― | -20.03% |
* Healthcare Sector Average
Performance Comparison
IMCR
Immunocore Holdings
37.25
-3.19
-7.89%
TVTX
Travere Therapeutics
15.32
8.05
110.73%
IDYA
IDEAYA Biosciences
21.73
-16.60
-43.31%
IRON
Disc Medicine
50.02
10.30
25.93%
VERA
Vera Therapeutics
22.70
-16.28
-41.77%
CGON
CG Oncology, Inc.
26.91
-8.31
-23.59%
Immunocore Holdings Corporate Events
Executive/Board ChangesShareholder MeetingsBusiness Operations and Strategy
Immunocore Holdings Secures Shareholder Approval at AGM
Positive
May 15, 2025
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.
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.
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.