Immunocore Holdings (IMCR) AI Stock Analysis

• Market Cap: $1.67B
• Dividend Yield: N/A
• Average Volume (3M): 295.45K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.74
• 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: 347,590
• 30 Day Avg. Volume: 295,452
• 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: 0.82
• Enterprise Value/Revenue: 3.62
• Enterprise Value/Gross Profit: 3.65
• Enterprise Value/Ebitda: -181.72
• 1Y Price Target: $64.56
• Price Target Upside: 94.87% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 9
• EPS Forecast (FY): -0.94
• Revenue Forecast (FY): $446.02M

• Rating: 47 Neutral
• Price Target: $33.00 ▼(-0.39% Downside)

The score is held back primarily by weak financial performance (ongoing losses and sharply deteriorating free cash flow) and bearish technicals (negative MACD and trading below major moving averages). A positive offset comes from supportive corporate developments, including a well-funded clinical and commercial roadmap (about $864M cash) and plans for multiple 2026 trial readouts, but valuation remains unattractive due to unprofitable earnings (negative P/E).

Positive Factors

Commercialized Product

Having an approved, revenue-generating therapy provides a durable commercial foundation and validates the ImmTAX platform. KIMMTRAK sales create recurring product revenue, support a commercial infrastructure, and reduce binary program risk versus purely preclinical biotechs.

High Gross Margins

Very high gross margins indicate product economics that leave room to invest in sales, marketing, and R&D while preserving per-unit profitability. This structural cost advantage supports sustainable margin expansion as KIMMTRAK penetration and label expansions scale.

Solid Development Cash

A multi-hundred-million dollar cash balance materially de-risks near-term financing needs, enabling planned Phase 3 trials and multiple 2026 readouts. This funding runway supports execution of registrational programs and strategic launches without immediate dilution pressure.

Negative Factors

Ongoing Losses

Continued operating losses show the company has not converted high gross profits into overall profitability. Persistent negative EBIT/EBITDA limits retained earnings, constrains balance sheet strengthening, and extends reliance on external capital despite product revenue.

Deteriorating Free Cash Flow

Severely weakened free cash flow growth and low OCF-to-net-income signal constrained cash generation versus accounting profits. Structurally weak FCF hampers reinvestment, business development flexibility, and reduces buffer against clinical or commercial execution setbacks.

Concentration & Addressable Market Limits

Commercial exposure concentrated in a single approved product with an HLA-A*02:01 patient restriction. Long-term growth depends on label expansion, new indications or additional approvals; until then revenue and upside remain exposed to a narrow patient subset and pipeline 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

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: Negative
• Last Price: 33.13
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 33.13 is below the 20-day moving average (MA) of 34.34, below the 50-day MA of 35.75, and below the 200-day MA of 33.45, indicating a bearish trend. The MACD of -0.98 indicates Positive momentum. The RSI at 39.07 is Neutral, neither overbought nor oversold. The STOCH value of 23.76 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
CDTX	68 Neutral	$6.96B	-18.79	-68.70%	―	-100.00%	53.89%
COGT	56 Neutral	$5.75B	-16.56	-95.40%	―	―	4.32%
CLDX	53 Neutral	$1.75B	-7.60	-32.44%	―	-73.94%	-31.70%
BCRX	52 Neutral	$1.43B	-151.59	―	―	45.38%	92.85%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRPT	51 Neutral	$2.39B	-7.37	-21.37%	―	47.15%	-311.26%
IMCR	47 Neutral	$1.67B	-56.06	-7.52%	―	27.51%	38.72%

Immunocore Holdings Corporate Events

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.