Cancer Focused Immunocore Leads The Way In TCR Therapeutics, Positioned For Success: Analyst Says

Needham has initiated coverage on Immunocore Holdings Plc IMCR with a Buy rating and a price target of $75.

Needham analyst Gil Blum says Immunocore has achieved a significant milestone as the pioneer in introducing a commercial-stage TCR therapeutic. 

The company's inaugural product, Kimmtrak, a groundbreaking TCR-TCE in the treatment of metastatic uveal melanoma (mUM), has made a remarkable entrance into the market. 

Needham notes Immunocore's primary source of value lies in its IMC-F106C program, designed to target PRAME. 

This program is poised to tap into an estimated market encompassing approximately 150,000 patients across various indications, with its first application in frontline metastatic clear cell carcinoma (mCM). 

A first shot on goal for IMC-F106C will be in frontline mCM, which Needham estimates at $1.3 billion in potential sales by 2035.

Encouragingly, IMC-F106C has already demonstrated clinical activity in diverse tumor types during its early Phase 1 dose-escalation study. Anticipated results from dose-expansion cohorts have the potential to significantly enhance the company's value in the first half of 2024.

The analyst's perspective is that Immunocore stands at the forefront of TCR therapeutic advancements, and its ability to deliver value in this burgeoning field is unmatched.

Immunocore presents a unique blend of pioneering innovation and adept commercial execution. The analyst is confident that this distinctive combination positions the company exceptionally well to seize the opportunities presented by TCR-based biologics.

Price Action: IMCR shares are down 0.35% at $53.83 on the last check Wednesday.