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Immunocore Holdings
(NASDAQ:IMCR)
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Rating:54Neutral
Price Target:
$33.00
▼(-10.20% Downside)
Action:Reiterated
Date:10/21/26
The score is held back primarily by weak financial quality (ongoing losses, elevated leverage, and renewed TTM cash burn). Offsetting this, the latest earnings call was notably positive on commercial growth, survival data, and pipeline execution progress, while technicals are mixed and valuation remains challenging due to negative earnings and no indicated dividend support.
Positive Factors
Revenue growth and gross margins
Rapid revenue scaling combined with exceptionally high and stable gross margins indicates strong product-level economics as KIMMTRAK adoption expands. This creates operating leverage potential, supports continued commercial investment, and provides a durable foundation for improving profitability as the business matures.
Negative Factors
Persistent losses and cash burn
Despite improving losses, the company has not yet reached consistent profitability or self-funding cash generation. Continued operating and free-cash-flow deficits can constrain reinvestment flexibility and may require financing or balance-sheet resources while commercial and pipeline programs scale.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and gross margins
Rapid revenue scaling combined with exceptionally high and stable gross margins indicates strong product-level economics as KIMMTRAK adoption expands. This creates operating leverage potential, supports continued commercial investment, and provides a durable foundation for improving profitability as the business matures.
Read all positive factors
Immunocore Holdings Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down Immunocore’s revenue by country or region to show which markets are driving income from product sales and partnership deals. Helps investors assess commercial traction, market diversification, and where regulatory or competitive hurdles could slow expansion.
Breaks down Immunocore’s revenue by country or region to show which markets are driving income from product sales and partnership deals. Helps investors assess commercial traction, market diversification, and where regulatory or competitive hurdles could slow expansion.
Data provided by:
The Fly
The FlyImmunocore Holdings (IMCR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.65B
Dividend YieldN/A
Average Volume (3M)464.53K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth20.19%
EPS GrowthN/A
CountryUS
Employees524
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.18
Shares Outstanding51,498,615
10 Day Avg. Volume535,592
30 Day Avg. Volume464,527
Financial Highlights & Ratios
PEG Ratio1.36
Price to Book (P/B)4.59
Price to Sales (P/S)5.87
P/FCF Ratio-156.07
Enterprise Value/Market Cap0.71
Enterprise Value/Revenue2.91
Enterprise Value/Gross Profit2.94
Enterprise Value/Ebitda71.41
Forecast
1Y Price Target
$62.83Price Target Upside70.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.06
Revenue Forecast (FY)$452.25M
Immunocore Holdings Business Overview & Revenue Model
Company Description
Immunocore Holdings plc, a biotechnology firm established in 1999 and based in Abingdon, United Kingdom, has reached the commercial stage in its mission to create pioneering immunotherapies. The company's development pipeline addresses a range of ...
How the Company Makes Money
Immunocore makes money primarily through (1) product revenue from the sale of its commercial therapy KIMMTRAK (tebentafusp) in approved markets, and (2) collaboration and licensing-related revenue generated from strategic partnerships that use or ...
Immunocore Holdings Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call was strongly positive, supported by 16% first-half KIMMTRAK revenue growth, 18% second-quarter growth, landmark five-year survival data, improving net losses, a strong cash position, and progress across three phase III melanoma trials and multiple early-stage programs. The main challenges were moderating underlying sequential growth, a Q3 inventory-related headwind, higher second-half rebate payments, and continued unmet need and exploratory-stage development in certain indications.Positive Updates
KIMMTRAK First-Half Revenue Growth
KIMMTRAK generated $223 million in net revenue during the first half of 2026, representing 16% growth compared with the first half of 2025.
Negative Updates
Distributor Inventory Stocking Creates a Q3 Headwind
Approximately $6 million of U.S. distributor inventory stocking contributed to Q2 sales, and management said the inventory increase will create a headwind in Q3.
Read all updates
Q2-2026 Updates
Positive
Negative
KIMMTRAK First-Half Revenue Growth
KIMMTRAK generated $223 million in net revenue during the first half of 2026, representing 16% growth compared with the first half of 2025.
Read all positive updates
Company Guidance
Immunocore expects moderating growth for KIMMTRAK, with underlying quarterly sequential growth of 3%; R&D expenses are expected to modestly increase year-over-year, although at a slower rate than in 2025; sales-related rebates are expected to be approximately $120 million during the second half of this year and return in 2027 to similar amounts as paid in 2025, which was in the $65 million-$70 million range; TEBE-AM enrollment is nearing the target of 540 patients, with top-line data still expected as early as the end of this year, while TEBE-AM headline data could be as early as the end of 2026; PRISM-MEL-301 enrollment completion is targeted by late 2027; updated PRAME data are expected by the end of the year, initial preproinsulin data in 2027, the first Type 1 diabetes patient is expected to be dosed in the coming weeks, the CTA for the second autoimmune candidate is expected by the end of 2026, and HIV data are planned for the first half of 2027.Immunocore Holdings Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
45
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 403.72M | 297.57M | 247.98M | 197.39M | 144.23M | 27.04M |
| Gross Profit | 399.07M | 291.36M | 242.44M | 196.57M | 138.94M | 27.04M |
| EBITDA | 16.43M | 387.18K | -37.66M | -40.87M | ― | ― |
| Net Income | -9.33M | -26.42M | -40.81M | -43.75M | -43.46M | -133.45M |
Balance Sheet | ||||||
| Total Assets | 1.12B | 1.07B | 1.01B | 472.44M | 526.76M | 407.28M |
| Cash, Cash Equivalents and Short-Term Investments | 880.21M | 864.15M | 820.38M | 350.27M | 402.47M | 321.06M |
| Total Debt | 434.96M | 436.69M | 432.72M | 66.50M | 81.45M | 86.16M |
| Total Liabilities | 699.62M | 686.24M | 648.79M | 180.55M | 187.86M | 175.76M |
| Stockholders Equity | 419.80M | 381.03M | 360.72M | 291.89M | 338.90M | 231.53M |
Cash Flow | ||||||
| Free Cash Flow | -62.53M | -11.20M | 20.89M | -1.97M | -51.41M | -144.49M |
| Operating Cash Flow | -56.34M | -7.97M | 26.06M | 2.33M | -49.21M | -143.11M |
| Investing Cash Flow | 7.80M | -12.16M | -355.13M | -4.29M | -2.20M | -1.28M |
| Financing Cash Flow | 22.64M | 9.20M | 343.88M | 27.18M | 145.44M | 288.19M |
Immunocore Holdings Technical Analysis
Positive
36.75
Price Trends
32.85
Negative
32.37
Negative
31.81
Positive
Market Momentum
-0.32
Negative
57.65
Neutral
83.00
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IMCR, the sentiment is Positive. The current price of 36.75 is above the 20-day moving average (MA) of 30.03, above the 50-day MA of 32.85, and above the 200-day MA of 31.81, indicating a neutral trend. The MACD of -0.32 indicates Negative momentum. The RSI at 57.65 is Neutral, neither overbought nor oversold. The STOCH value of 83.00 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IMCR.
Immunocore Holdings Risk Analysis
Immunocore Holdings disclosed 103 risk factors in its most recent earnings report. Immunocore Holdings reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Immunocore Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $1.85B | -11.59 | -28.66% | ― | -28.56% | 10.25% | |
56 Neutral | $1.05B | -10.26 | -10.79% | ― | 5366.97% | 8.50% | |
54 Neutral | $1.65B | -177.98 | -2.35% | ― | 20.19% | ― | |
54 Neutral | $2.01B | -13.92 | -72.07% | ― | -69.78% | -106.07% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $1.12B | -4.30 | -47.04% | ― | -65.40% | -164.71% | |
44 Neutral | $546.93M | -5.33 | -38.46% | ― | -87.03% | -179.91% |
* Healthcare Sector Average
IMCR
Immunocore Holdings
32.12
0.52
1.65%
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IMTX
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JANX
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17.06
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Immunocore Holdings Corporate Events
Business Operations and StrategyProduct-Related Announcements
Immunocore Completes Enrollment in Phase 3 Melanoma Trial
Positive
Sep 14, 2026
On September 14, 2026, Immunocore announced it had reached target enrollment of 540 patients in its global, randomized Phase 3 TEBE-AM trial of KIMMTRAK (tebentafusp) as monotherapy and in combination with pembrolizumab in previously treated, HLA-...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.