Immunocore's Pipeline Is Among The Strongest In Broader Biotech Universe: Analyst

H.C. Wainwright analyst Patrick R. Trucchio reiterated a Buy rating on Immunocore Holdings Plc IMCR with a price target of $90.

On January 5, Immunocore announced multiple near-term data readouts are expected and expanded the pipeline to autoimmune disease indications, both clear positives for shareholders, per the analyst.

Immunocore has a proven platform with one approved drug, KIMMTRAK (tebentafusp-tebn), a T cell receptor (TCR) bispecific immunotherapy, and a broad pipeline across discovery, preclinical and clinical programs.

Per the analyst, the pipeline is among the strongest in coverage as well as the broader biotech universe. 

Overall, Immunocore is executing well on multiple fronts, launching KIMMTRAK in metastatic uveal melanoma (mUM) while exploring it in cutaneous melanoma and expanding the pipeline to additional oncology targets such as PRAME, as well as in infectious diseases and now, in autoimmunity.

The analyst projects the KIMMTRAK launch to continue its robust trajectory as Immunocore expands access in mUM worldwide.

Regarding financials, Immunocore reported preliminary cash of approximately $443 million as of 4Q23 (vs. $345 million estimate), which the analyst forecasts to support the KIMMTRAK launch and pipeline expansion. 

Price Action: IMCR shares are trading lower by 4.92% to $66.25 on the last check Friday.