Immunocore Holdings (IMCR) AI Stock Analysis

• Market Cap: $1.64B
• Dividend Yield: N/A
• Average Volume (3M): 449.82K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.70
• Revenue Growth: 27.51%
• EPS Growth: 38.72%
• Country: US
• Employees: 493
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.00
• Shares Outstanding: 50,695,080
• 10 Day Avg. Volume: 380,566
• 30 Day Avg. Volume: 449,818
• PEG Ratio: 1.38
• Price to Book (P/B): 4.59
• Price to Sales (P/S): 5.87
• P/FCF Ratio: -116.10
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 3.25
• Enterprise Value/Gross Profit: 3.30
• Enterprise Value/Ebitda: -3.74K
• 1Y Price Target: $65.75
• Price Target Upside: 103.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -0.92
• Revenue Forecast (FY): $445.97M

• Rating: 53 Neutral
• Price Target: $34.00 ▲(5.26% Upside)
• Action: Reiterated Date: 02/25/26
• Date: Action: Reiterated 02/25/26

The score is led by improving fundamentals—strong revenue growth and high gross profitability with significantly reduced debt—but is held back by continued losses and uneven cash-flow generation. Technical signals are mixed-to-soft (negative MACD, neutral RSI), and valuation is constrained by negative earnings and no dividend support. Corporate events add balanced upside (pipeline milestones) and risk (R&D leadership change).

Positive Factors

Revenue growth & high gross margins

Sustained revenue scale to ~$400M with very strong gross profitability indicates attractive unit economics and commercial traction. Durable topline growth and high gross margins support reinvestment in sales and R&D, improving long-term operating leverage as volume expands.

Material debt reduction and equity base

A large reduction in leverage materially lowers balance-sheet risk and increases financial flexibility. With a solid equity base and expanded asset base, the company is better positioned to fund trials, withstand setbacks, and pursue opportunistic investments without immediate refinancing pressure.

Established commercial product and strong funding runway

Having a marketed therapy (KIMMTRAK) delivering significant sales provides recurring revenue and real-world validation. Combined with a large cash position and explicit 2026 strategic priorities, the company has a durable runway to execute registrational trials and geographic expansion without near-term funding constraints.

Negative Factors

Persistent operating losses

Despite narrowing losses, continued negative net income means the company has not yet achieved self-sustaining profitability. Persistent losses increase reliance on cash reserves or external financing and raise execution risk if revenue growth slows or trial costs rise over the medium term.

Volatile cash generation

Sharp swing from positive to negative operating and free cash flow highlights inconsistent cash conversion from revenue. This volatility complicates budgeting for multi-year registrational programs and increases sensitivity to revenue or reimbursement disruptions, potentially requiring financing if losses persist.

R&D leadership turnover & reorganization

The departure of the R&D head and a decision to reorganize central R&D responsibilities create execution risk during a period with multiple planned registrational trials. Internal promotions may preserve continuity but raise risk around trial oversight, regulatory strategy and timely data readouts.

Immunocore Holdings Business Overview & Revenue Model

Company Description

Immunocore 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 Money

Immunocore generates revenue primarily through the development and commercialization of its TCR therapies. This includes milestone payments from partnerships with larger pharmaceutical companies that seek to utilize Immunocore's technology in their drug development programs. Additionally, the company may earn royalties on sales of products developed through these collaborations. Immunocore also engages in research agreements and grants, which can provide funding for its ongoing development efforts. Significant partnerships with established pharmaceutical firms enhance its financial stability and expand its market reach, contributing to its overall revenue streams.

Immunocore Holdings Financial Statement Overview

Summary

Strong revenue scale-up (~$400M in 2025) and very high gross profitability, with operating losses narrowing but still negative (2025 net loss ~$35.5M). Balance sheet risk improved materially as total debt dropped to ~$43.6M in 2025, but cash flow remains inconsistent with 2025 returning to operating and free-cash-flow deficits after a strong 2024.

Income Statement

Revenue scale-up is a clear positive, with 2025 revenue at ~$400.0M and strong multi-year growth (including a sharp step-up in 2022–2023 and a return to growth in 2025 after a flat 2024). Gross profit remains very strong (near full pass-through in most years), indicating attractive unit economics. The key weakness is continued operating and net losses (2025 net loss ~$35.5M; EBIT still negative), though losses have generally narrowed versus 2021–2023, suggesting improving operating leverage but not yet sustainable profitability.

Balance Sheet

Equity is solid for the business stage (2025 stockholders’ equity ~$381.0M) and the asset base has expanded (total assets ~$1.07B). Leverage improved meaningfully in 2025 as total debt fell sharply to ~$43.6M from ~$432.7M in 2024, reducing balance-sheet risk. Offsetting this, profitability remains negative (returns on equity were negative in prior years provided), and the 2024 debt load highlights that capital structure can change materially year-to-year, which adds uncertainty.

Cash Flow

Cash generation is volatile. 2024 showed positive operating cash flow (~$26.1M) and positive free cash flow (~$20.9M), which was an encouraging inflection. However, 2025 reverted to cash burn (operating cash flow about -$10.7M and free cash flow about -$15.1M), and free cash flow growth swung sharply negative, signaling uneven conversion and potential funding sensitivity if losses persist.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	297.57M	247.77M	249.43M	144.23M	36.48M
Gross Profit	291.36M	239.38M	248.39M	138.94M	36.48M
EBITDA	387.18K	-38.50M	-51.65M	-38.35M	-166.72M
Net Income	-26.42M	-40.81M	-55.29M	-43.46M	-180.03M
Balance Sheet
Total Assets	1.07B	1.01B	597.00M	526.76M	407.28M
Cash, Cash Equivalents and Short-Term Investments	864.15M	820.38M	442.63M	402.47M	321.06M
Total Debt	43.56M	432.72M	84.03M	81.45M	86.16M
Total Liabilities	686.24M	648.79M	228.16M	187.86M	175.76M
Stockholders Equity	381.03M	360.72M	368.84M	338.90M	231.53M
Cash Flow
Free Cash Flow	-15.05M	20.89M	-2.48M	-51.41M	-144.49M
Operating Cash Flow	-7.97M	26.06M	2.94M	-49.21M	-143.11M
Investing Cash Flow	-16.34M	-355.13M	-5.42M	-2.20M	-1.28M
Financing Cash Flow	12.37M	343.88M	34.35M	145.44M	288.19M

Immunocore Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 32.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 32.3 is below the 20-day moving average (MA) of 32.45, below the 50-day MA of 33.61, and below the 200-day MA of 34.08, indicating a bearish trend. The MACD of -0.32 indicates Negative momentum. The RSI at 45.80 is Neutral, neither overbought nor oversold. The STOCH value of 30.27 is Neutral, 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
BCRX	70 Outperform	$2.19B	7.28	―	―	45.38%	92.85%
CLDX	56 Neutral	$2.00B	-7.72	-40.62%	―	-73.94%	-31.70%
IMCR	53 Neutral	$1.64B	-45.59	-9.59%	―	27.51%	38.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRPT	51 Neutral	$1.76B	-1.99	-63.17%	―	47.15%	-311.26%
COGT	49 Neutral	$6.31B	-15.18	-73.70%	―	―	4.32%

Immunocore Holdings Corporate Events

Immunocore announces R&D chief resignation and leadership reshuffle

On January 27, 2026, Immunocore Holdings plc announced that its Head of Research & Development, David Berman, had submitted his resignation, effective February 27, 2026, to pursue another opportunity, with the company noting that his departure did not stem from any disagreement related to its operations, policies or practices. Immunocore stated it will not recruit a direct replacement for Berman and instead plans to streamline and rely on its existing R&D structure, signaling an internal reorganization of its research leadership that could affect how the company manages and advances its development pipeline.

The most recent analyst rating on (IMCR) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Immunocore Holdings stock, see the IMCR Stock Forecast page.

Immunocore Sets 2026 Strategic Priorities for Melanoma Growth

On January 9, 2026, Immunocore outlined its 2026 strategic priorities, centered on expanding its melanoma franchise around KIMMTRAK through greater penetration in U.S. community oncology centers and global markets, and advancing three registrational Phase 3 melanoma trials, including TEBE-AM in previously treated cutaneous melanoma, ATOM in adjuvant uveal melanoma and PRISM-MEL-301 in first-line cutaneous melanoma. The company plans multiple 2026 data readouts across its pipeline, including Phase 1/2 results from PRAME bispecific candidates brenetafusp and IMC-P115C in ovarian, lung and other solid tumors, additional Phase 1 HIV data, and initiation and regulatory steps for two autoimmune programs in type 1 diabetes and atopic dermatitis, supported by a preliminary unaudited year-end 2025 cash position of about $864 million, which underscores its capacity to fund clinical development and reinforces its positioning as a growing player in oncology and adjacent disease areas.

The most recent analyst rating on (IMCR) stock is a Hold with a $40.00 price target. To see the full list of analyst forecasts on Immunocore Holdings stock, see the IMCR Stock Forecast page.

Immunocore Holdings Board Member Ranjeev Krishana Resigns

On November 26, 2025, Ranjeev Krishana resigned from the board of directors and the Remuneration Committee of Immunocore Holdings plc, with his departure effective immediately. His resignation was not due to any disagreements with the company or its management. On the same day, Tina St. Leger announced her resignation as Chief Human Resources Officer, effective May 26, 2026, to pursue another opportunity. Her decision was also not due to any conflicts with the company. Immunocore has initiated a search for her successor.

The most recent analyst rating on (IMCR) stock is a Buy with a $100.00 price target. To see the full list of analyst forecasts on Immunocore Holdings stock, see the IMCR Stock Forecast page.