Immunocore Holdings: A Name On My Watch List

2025-04-27 09:22:33 ET

Summary

• Immunocore Holdings' shares have fallen over 60% since February 2024 due to lack of catalysts and competition for its main product, Kimmtrak.
• Kimmtrak, approved for metastatic uveal melanoma, faces market saturation and competition, but label expansion could significantly increase its market potential.
• Immunocore's pipeline includes promising early-stage oncology and infectious disease programs, but pivotal data for key trials won't be available until 2H26 or later.
• An analysis around Immuncore Holdings follows in the paragraphs below.

Shares of T cell receptor therapy concern Immunocore Holdings plc ( IMCR ) have fallen over 60% since making an all-time high in February 2024, as a dearth of catalysts have weighed. Also of concern is significant U.S. market penetration for approved therapy Kimmtrak’s current indication as new competition enters, emphasizing the need to expand its label. Trading at less than three times FY26E Kimmtrak sales net of net cash with a chance to expand its addressable market four-fold if data (due 2H26) are positive, Immunocore merited a deeper dive. An analysis follows below....

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