Immunocore initiated with an Overweight at Barclays

Barclays analyst Peter Lawson initiated coverage of Immunocore with an Overweight rating and $80 price target. Immunocore is a commercial stage biotech company with a "differentiated" T cell engager platform using the T cell receptor to bind cancer antigens and CD3 to activate the patient’s immune system, Lawson tells investors in a research note. The analyst believes Immunocore’s approach "could disrupt cellular therapy and broaden the types of cancer targets." He’s positive on the risk/reward ahead of Q4 and 2023 data that he says "could help validate the breadth of Immunocore’s bispecific TCR platform."