Immunocore Holdings (IMCR) AI Stock Analysis

• Market Cap: $1.95B
• Dividend Yield: N/A
• Average Volume (3M): 296.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.82
• 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: 50,530,420
• 10 Day Avg. Volume: 302,757
• 30 Day Avg. Volume: 296,769
• PEG Ratio: 2.97
• Price to Book (P/B): 4.09
• Price to Sales (P/S): 4.75
• P/FCF Ratio: 70.60
• Enterprise Value/Market Cap: 0.70
• Enterprise Value/Revenue: 3.62
• Enterprise Value/Gross Profit: 3.65
• Enterprise Value/Ebitda: -181.72
• 1Y Price Target: $65.25
• Price Target Upside: 63.66% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -0.36
• Revenue Forecast (FY): $403.31M

• Rating: 59 Neutral
• Price Target: $40.00 ▲(0.33% Upside)

The overall stock score is driven by strong earnings call results and positive technical indicators, indicating growth potential and market confidence. However, challenges in profitability and valuation concerns due to negative earnings and lack of dividends weigh down the score. The financial performance shows growth but also highlights areas of concern, such as cash flow and profitability.

Positive Factors

Revenue Growth

Strong revenue growth from KIMMTRAK indicates successful market penetration and product adoption, supporting long-term financial stability.

Pipeline Advancements

Advancements in the pipeline, including Phase III trials, enhance future growth prospects and competitive positioning in the biotech sector.

Strong Financial Position

A robust cash position provides financial flexibility for strategic investments and resilience against market fluctuations.

Negative Factors

Profitability Challenges

Ongoing profitability issues may hinder long-term financial health and limit reinvestment capabilities in R&D and expansion.

Cash Flow Weakness

Weak cash flow generation limits the company's ability to fund operations and strategic initiatives without external financing.

Operating Expenses Increase

Rising operating expenses could pressure margins and profitability, affecting long-term financial sustainability.

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 strong revenue growth and gross profit margins, but profitability remains a challenge with negative net income and EBIT margins. The balance sheet shows improved leverage, but returns on equity are still negative. Cash flow generation is weak, with significant declines in free cash flow.

Income Statement

Immunocore Holdings shows a strong gross profit margin of 99.26% TTM, indicating efficient cost management. However, the company struggles with profitability, as evidenced by a negative net profit margin of -5.70% TTM. Revenue growth is positive at 6.58% TTM, but the negative EBIT and EBITDA margins highlight ongoing operational challenges.

Balance Sheet

The company's debt-to-equity ratio improved significantly to 0.11 TTM, indicating reduced leverage and financial risk. However, the return on equity remains negative at -5.40% TTM, reflecting challenges in generating returns for shareholders. The equity ratio is stable, suggesting a solid capital structure.

Cash Flow

Operating cash flow to net income ratio is 0.20 TTM, indicating some cash generation from operations. However, free cash flow growth is negative at -89.64% TTM, and the free cash flow to net income ratio is 0.85, suggesting limited cash availability for reinvestment or debt reduction.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	379.59M	247.77M	249.43M	144.23M	36.48M	30.11M
Gross Profit	376.88M	239.38M	248.39M	138.94M	36.48M	-44.70M
EBITDA	-7.57M	-38.50M	-51.65M	-38.35M	-166.72M	-82.38M
Net Income	-28.26M	-40.81M	-55.29M	-43.46M	-180.03M	-74.09M
Balance Sheet
Total Assets	1.10B	1.01B	597.00M	526.76M	407.28M	197.19M
Cash, Cash Equivalents and Short-Term Investments	892.35M	820.38M	442.63M	402.47M	321.06M	176.78M
Total Debt	43.27M	432.72M	84.03M	81.45M	86.16M	74.47M
Total Liabilities	705.94M	648.79M	228.16M	187.86M	175.76M	141.85M
Stockholders Equity	396.56M	360.72M	368.84M	338.90M	231.53M	55.35M
Cash Flow
Free Cash Flow	2.95M	20.89M	-2.48M	-51.41M	-144.49M	-63.65M
Operating Cash Flow	7.99M	26.06M	2.94M	-49.21M	-143.11M	-60.57M
Investing Cash Flow	-19.00M	-355.13M	-5.42M	-2.20M	-1.28M	467.00K
Financing Cash Flow	-43.42M	343.88M	34.35M	145.44M	288.19M	115.94M

Immunocore Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 39.87
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 39.87 is above the 20-day moving average (MA) of 35.27, above the 50-day MA of 34.34, and above the 200-day MA of 32.40, indicating a bullish trend. The MACD of 1.59 indicates Negative momentum. The RSI at 72.02 is Negative, neither overbought nor oversold. The STOCH value of 85.59 is Negative, 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	59 Neutral	$1.95B	―	-7.52%	―	27.51%	38.72%
CDTX	57 Neutral	$6.91B	―	-68.70%	―	-100.00%	53.89%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BCRX	46 Neutral	$1.44B	―	―	―	45.38%	92.85%
SRPT	45 Neutral	$1.98B	―	-21.37%	―	47.15%	-311.26%
CLDX	41 Neutral	$1.76B	―	-32.44%	―	-73.94%	-31.70%
COGT	37 Underperform	$5.86B	―	-95.40%	―	―	4.32%

Immunocore Holdings Corporate Events

Immunocore Reports Strong Growth in Q3 2025

Immunocore Holdings Plc is a commercial-stage biotechnology company that focuses on developing transformative immunomodulating medicines for cancer, infectious diseases, and autoimmune diseases. The company is known for its innovative TCR bispecific immunotherapies, including its lead product, KIMMTRAK.

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.