Immunocore Holdings (IMCR) AI Stock Analysis

• Market Cap: $1.67B
• Dividend Yield: N/A
• Average Volume (3M): 317.32K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.99
• Revenue Growth: 26.90%
• EPS Growth: 62.72%
• Country: US
• Employees: 493
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.20
• Shares Outstanding: 50,387,070
• 10 Day Avg. Volume: 287,015
• 30 Day Avg. Volume: 317,318
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.68
• Enterprise Value/Revenue: 3.18
• Enterprise Value/Gross Profit: 3.20
• Enterprise Value/Ebitda: -108.13
• 1Y Price Target: $59.20
• Price Target Upside: 78.91% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 11

• Rating: 63 Neutral
• Price Target: $35.00 ▲(5.77% Upside)

The overall stock score is driven by strong earnings call performance and promising financial growth, particularly in revenue and cash flow. However, ongoing profitability challenges and mixed technical indicators weigh down the score. Valuation concerns due to a negative P/E ratio further impact the attractiveness of the stock.

Positive Factors

Revenue Growth

Consistent revenue growth from KIMMTRAK indicates strong market demand and successful product adoption, supporting long-term business expansion.

Global Expansion

Global expansion enhances market reach and diversifies revenue streams, reducing dependency on any single market and fostering growth.

Strong Financial Position

A robust cash position provides financial flexibility to invest in R&D and strategic initiatives, supporting long-term growth and stability.

Negative Factors

Profitability Challenges

Ongoing operational inefficiencies and high expenses relative to revenue hinder profitability, impacting long-term financial health.

Operating Expenses Increase

Rising operating expenses may pressure margins and cash flow, potentially limiting resources for other strategic investments.

Moderating Growth Expectations

Slowing growth in a key product could impact future revenue potential, necessitating new product development to sustain growth.

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

Immunocore Holdings shows promising revenue and cash flow growth, with effective debt management. However, profitability remains a concern due to negative margins, indicating operational challenges.

Income Statement

Immunocore Holdings has shown a positive revenue growth rate of 6.76% in the TTM, indicating a strong upward trajectory in sales. The gross profit margin remains exceptionally high at 99.26%, showcasing efficient cost management. However, the company is still facing challenges with profitability, as evidenced by a negative net profit margin of -5.70% and negative EBIT and EBITDA margins. This suggests ongoing operational inefficiencies and high expenses relative to revenue.

Balance Sheet

The company's debt-to-equity ratio has improved significantly to 0.11 in the TTM, reflecting a strong reduction in leverage compared to previous years. However, the return on equity remains negative at -5.40%, indicating that the company is not generating sufficient returns on its equity base. The equity ratio is not explicitly calculated, but the overall asset base has increased, suggesting a stable financial structure.

Cash Flow

Immunocore Holdings has demonstrated a healthy free cash flow growth rate of 9.25% in the TTM, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 0.20, suggesting that the company is generating positive cash flow from operations despite net losses. The free cash flow to net income ratio of 0.85 further supports the company's ability to convert earnings into cash, which is a positive indicator for liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	356.14M	310.20M	249.43M	143.74M	26.98M	30.11M
Gross Profit	353.50M	307.47M	248.39M	143.28M	-47.15M	-44.70M
EBITDA	-10.47M	-38.50M	-51.65M	-38.35M	-166.72M	-82.38M
Net Income	-20.31M	-51.09M	-55.29M	-52.54M	-133.13M	-74.09M
Balance Sheet
Total Assets	1.08B	1.01B	597.00M	435.52M	301.77M	197.19M
Cash, Cash Equivalents and Short-Term Investments	882.81M	820.38M	442.63M	332.54M	237.89M	176.78M
Total Debt	44.40M	432.72M	84.03M	69.30M	63.84M	63.89M
Total Liabilities	693.91M	648.79M	228.16M	156.76M	130.23M	141.85M
Stockholders Equity	388.48M	360.72M	368.84M	278.76M	171.55M	55.35M
Cash Flow
Free Cash Flow	28.45M	20.89M	-2.48M	-33.47M	-130.76M	-63.65M
Operating Cash Flow	33.58M	26.06M	2.94M	-31.27M	-129.75M	-60.57M
Investing Cash Flow	-25.08M	-355.13M	-5.42M	233.00K	-495.00K	467.00K
Financing Cash Flow	-45.09M	343.88M	34.35M	138.23M	276.25M	115.94M

Immunocore Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 33.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 33.09 is below the 20-day moving average (MA) of 33.20, below the 50-day MA of 33.89, and above the 200-day MA of 32.00, indicating a neutral trend. The MACD of -0.31 indicates Positive momentum. The RSI at 48.33 is Neutral, neither overbought nor oversold. The STOCH value of 47.72 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMCR.

Immunocore Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IMCR	―	$1.67B	―	-5.38%	―	26.90%	62.72%
CDTX	―	$2.77B	-9.81	-37.05%	―	-100.00%	55.31%
SRPT	―	$2.27B	―	-4.76%	―	64.89%	-221.56%
Sector *	―	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLDX	―	$1.78B	-8.89	-27.17%	―	-30.25%	-9.70%
BCRX	―	$1.54B	―	―	―	45.85%	76.36%
COGT	―	$2.26B	―	-107.55%	―	―	2.25%

Immunocore Holdings Corporate Events

Immunocore’s Innovative Approach: A New Hope for PRAME-Positive Cancer Treatment

Immunocore Holdings Plc is conducting a Phase 1 clinical study titled ‘A Phase 1 First-in-Human Study of the Safety and Efficacy of IMC-P115C as a Single Agent and in Combination With Standard of Care Agents in HLA-A*02:01 Positive Participants With Advanced PRAME Positive Cancers.’ The study aims to evaluate the safety and efficacy of IMC-P115C, a half-life extended ImmTAC targeting PRAME, in treating advanced PRAME-positive cancers. This research is significant as it explores new treatment avenues for patients with these specific cancer types.

Immunocore’s Phase 3 Melanoma Study: A Potential Game Changer?

Study Overview: Immunocore Holdings Plc is conducting a phase 3 study titled ‘A Phase 3 Randomized, Controlled Study of IMC-F106C Plus Nivolumab Versus Nivolumab Regimens in HLA-A*02:01-Positive Participants With Previously Untreated Advanced Melanoma (PRISM-MEL-301)’. The study aims to evaluate the efficacy of IMC-F106C combined with Nivolumab compared to standard Nivolumab regimens in treating advanced melanoma. This research is significant as it explores new treatment combinations for a challenging cancer type.

Immunocore’s Promising Melanoma Study: A Potential Game-Changer

Study Overview: Immunocore Holdings Plc is conducting a Phase 2/3 study titled ‘Tebentafusp Regimen Versus Investigator’s Choice in Previously Treated Advanced Melanoma (TEBE-AM)’. The study aims to assess the efficacy and safety of tebentafusp-based treatments compared to investigator’s choice in patients with advanced non-ocular melanoma. This research is significant as it explores new treatment avenues for a challenging cancer type.

Immunocore’s Brenetafusp: A Promising Study in PRAME-Positive Cancers

Study Overview: The clinical study titled ‘Phase 1/2 Study of IMC-F106C in Advance PRAME-Positive Cancers’ aims to evaluate the safety and efficacy of brenetafusp, an immune-mobilizing monoclonal T cell receptor against cancer (ImmTAC ®), in treating advanced solid tumors that are PRAME-positive. The study is significant as it explores a novel approach to target specific cancer markers, potentially offering new treatment options for patients with these types of cancers.

Immunocore’s Innovative Cancer Study: A Potential Game-Changer for Investors

Study Overview: Immunocore Holdings Plc is conducting a Phase 1/2 study titled ‘A Phase 1/2 First-in-Human Study of the Safety and Efficacy of IMC-R117C (PIWIL1 × CD3 ImmTAC® Bispecific Protein) as a Single Agent and in Combination in HLA-A*02:01-Positive Participants With Selected Advanced PIWIL1-Positive Cancers’. The study aims to evaluate the safety and efficacy of IMC-R117C in treating advanced PIWIL1-positive cancers, which could potentially lead to new treatment options for these conditions.

Immunocore’s Earnings Call Highlights Robust Growth and Strategic Expansion

Immunocore Holdings Plc’s recent earnings call exuded a generally positive sentiment, underscored by robust growth in KIMMTRAK revenue, successful global expansion, and significant progress in clinical trials. However, there were notes of caution regarding the moderation of future growth expectations and rising operating expenses, which tempered the overall enthusiasm.

Immunocore Holdings Reports Strong Revenue Growth

Immunocore Holdings Plc is a biotechnology company focused on developing immunomodulating medicines for cancer, infectious diseases, and autoimmune diseases, utilizing its proprietary ImmTAX platform. In its latest earnings report for the quarter ended June 30, 2025, Immunocore Holdings Plc reported a total revenue of $97.96 million, a significant increase from $75.4 million in the same period last year, primarily driven by the sales of its lead product, KIMMTRAK, which is now approved in 39 countries. The company experienced a net loss of $10.3 million for the quarter, an improvement from the $11.6 million loss in the previous year, as it continues to invest in research and development, with expenses totaling $69 million. Immunocore’s financial position remains strong with cash and cash equivalents of $487.9 million, supported by successful commercialization efforts and strategic investments in its pipeline. Looking ahead, Immunocore Holdings Plc remains committed to expanding the reach of KIMMTRAK and advancing its pipeline, with a focus on maintaining regulatory approvals and exploring new therapeutic areas.