Immunocore Holdings (IMCR) AI Stock Analysis

• Market Cap: $1.83B
• Dividend Yield: N/A
• Average Volume (3M): 298.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.76
• 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: 280,678
• 30 Day Avg. Volume: 298,584
• 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: 0.75
• Enterprise Value/Revenue: 3.62
• Enterprise Value/Gross Profit: 3.65
• Enterprise Value/Ebitda: -181.72
• 1Y Price Target: $65.25
• Price Target Upside: 80.30% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): -0.36
• Revenue Forecast (FY): $402.89M

• Rating: 53 Neutral
• Price Target: $39.00 ▲(7.76% Upside)

Immunocore Holdings' overall stock score is primarily influenced by its strong technical indicators, which suggest a positive market trend. However, financial performance is hindered by ongoing profitability challenges and weak cash flow generation. The valuation is unattractive due to a negative P/E ratio and lack of dividend yield.

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: 36.19
• 50DMA: Positive
• 100DMA: Positive
• 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 36.19 is below the 20-day moving average (MA) of 37.28, above the 50-day MA of 35.52, and above the 200-day MA of 33.11, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 48.21 is Neutral, neither overbought nor oversold. The STOCH value of 26.02 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
CDTX	60 Neutral	$6.94B	-18.74	-68.70%	―	-100.00%	53.89%
BCRX	55 Neutral	$1.59B	-159.20	―	―	45.38%	92.85%
IMCR	53 Neutral	$1.83B	-61.95	-7.52%	―	27.51%	38.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SRPT	51 Neutral	$2.31B	-7.61	-21.37%	―	47.15%	-311.26%
CLDX	41 Neutral	$1.77B	-7.86	-32.44%	―	-73.94%	-31.70%
COGT	37 Underperform	$6.11B	-16.95	-95.40%	―	―	4.32%

Immunocore Holdings Corporate Events

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.