Needham initiated coverage of Immunocore with a Buy rating and $75 price target. The company is the first to bring to fruition a commercial-stage TCR therapeutic with its first marketed drug, Kimmtrak – a first-in-class TCR-TCE in mUM – having had a remarkably strong launch, particularly given its relatively small patient pool, the analyst tells investors in a research note. The majority of Immunocore’s value derives from its IMC-F106C program targeting PRAME, which represents an estimated market of about 150K patients across different indications, with a first shot-on-goal in frontline mCM, the firm states, adding that the company looks “best positioned to develop and provide value from the burgeoning TCR therapeutic space”.
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