Guggenheim starts TCR immunotherapies ‘pioneer’ Immunocore with a Buy

As previously reported, Guggenheim analyst Michael Schmidt initiated coverage of Immunocore with a Buy rating and $85 price target. The company is "a pioneer of the TCR immunotherapies category" and is commercializing the only approved TCR therapeutic, Kimmtrak, which had a strong launch last year in metastatic uveal melanoma, or mUM, the analyst tells investors. The company is also pursuing a label expansion opportunity in cutaneous melanoma, an indication with high unmet need. Following a recent pullback, the firm thinks the current valuation implies only modest additional growth for Kimmtrak and low odds for label expansion, but it has "high confidence" in continued Kimmtrak growth and sees potential upside to Street consensus estimates, the analyst added.