Immunocore Holdings (IMCR) AI Stock Analysis

• Market Cap: $1.71B
• Dividend Yield: N/A
• Average Volume (3M): 306.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.03
• 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: 343,819
• 30 Day Avg. Volume: 306,079
• 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: 0.66
• Enterprise Value/Revenue: 3.18
• Enterprise Value/Gross Profit: 3.20
• Enterprise Value/Ebitda: -108.13
• 1Y Price Target: $59.11
• Price Target Upside: 82.44% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 10

• Rating: 61 Neutral
• Price Target: $34.00 ▲(4.94% Upside)

Immunocore Holdings' overall score is driven by strong earnings call results and financial performance, despite technical analysis indicating bearish trends. The company's growth in KIMMTRAK sales and strategic pipeline advancements are significant positives, but profitability concerns and valuation challenges weigh on the score.

Positive Factors

Revenue Growth

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

Global Expansion

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

Strong Financial Position

A robust cash position allows for strategic investments in R&D and expansion, ensuring the company can capitalize on growth opportunities.

Negative Factors

Profitability Challenges

Ongoing operational inefficiencies and high expenses relative to revenue may hinder long-term profitability and require strategic cost management.

Operating Expenses Increase

Rising operating expenses could pressure margins and necessitate careful financial planning to maintain profitability while advancing the pipeline.

Moderating Growth Expectations

As KIMMTRAK matures, growth may slow, requiring the company to innovate and expand its product portfolio to sustain long-term 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 Holdings makes money primarily through the development and commercialization of its TCR bispecific immunotherapies. The company generates revenue through a combination of product sales, licensing agreements, and strategic partnerships. A significant portion of its revenue comes from collaborations with pharmaceutical companies, where Immunocore licenses its technology or co-develops therapies, often receiving milestone payments and royalties. Additionally, the company benefits from research and development funding provided by partners and various grants, contributing to its financial stability and growth.

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: Negative
• Last Price: 32.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 32.4 is below the 20-day moving average (MA) of 34.11, below the 50-day MA of 33.71, and above the 200-day MA of 31.74, indicating a neutral trend. The MACD of -0.12 indicates Positive momentum. The RSI at 38.16 is Neutral, neither overbought nor oversold. The STOCH value of 8.20 is Positive, 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
IMCR	61 Neutral	$1.71B	―	-5.38%	―	26.90%	62.72%
CDTX	58 Neutral	$2.50B	―	-37.05%	―	-100.00%	55.31%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLDX	50 Neutral	$1.83B	―	-27.17%	―	-30.25%	-9.70%
SRPT	49 Neutral	$2.26B	19.61	-4.76%	―	64.89%	-221.56%
BCRX	48 Neutral	$1.52B	―	18.68%	―	45.85%	76.36%
COGT	37 Underperform	$2.26B	―	-107.55%	―	―	2.25%