Immunocore initiated with a Hold at Canaccord on ‘modest’ near-term growth

As previously reported, Canaccord initiated coverage of Immunocore with a Hold rating and $67 price target. The U.K. commercial-stage biotech company is developing a pipeline of T-cell receptor-based T-cell engagers, or TCEs, and launched its first commercial drug, Kimmtrak, for metastatic uveal melanoma, or mUM, the analyst tells investors. The firm thinks the current valuation accurately reflects “modest near-term growth from Kimmtrak,” which it notes has already penetrated 50% of the target U.S. market, and “significant positive read-through” to IMC-F106C, the analyst added.