Immunocore Holdings plc (IMCR) Stock Analysis
Recovery setup
Healthcare · Biotechnology
Sell if holding. Engine safety override at $28.58: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.8/10 and A.R:R 11.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 19%; Elevated put/call ratio: 2.00; Below-average business quality.
Immunocore is a commercial-stage biotech with one approved product, KIMMTRAK (tebentafusp), a TCR bispecific approved for metastatic uveal melanoma in 39 countries and commercially launched in 30, generating $400 million in net product revenue in 2025. Revenue comes entirely... Read more
Sell if holding. Engine safety override at $28.58: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.8/10 and A.R:R 11.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 19%; Elevated put/call ratio: 2.00; Below-average business quality. Chart setup: Death cross but MACD improving, RSI 47. Score 5.8/10, moderate confidence.
Passes 7/9 gates (favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 51d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and death cross (50MA < 200MA). Suitability: aggressive.
About Immunocore Holdings plc
About Immunocore Holdings plc
KIMMTRAK (tebentafusp), Immunocore Holdings' sole approved product, generated $400 million in net product revenue in 2025 — a 29% increase from $310 million in 2024 — with U.S. sales of $257 million and European sales of $131 million. The company reported a net loss of $35.5 million in 2025 against an accumulated deficit of $831.3 million, and held $467.7 million in cash and $396.4 million in marketable securities at December 31, 2025.
Immunocore earns revenue exclusively from KIMMTRAK, an ImmTAX bispecific TCR therapy approved for HLA-A*02:01-positive adults with unresectable or metastatic uveal melanoma. The company does not own manufacturing facilities, contracting drug substance production to AGC Biologics A/S in Copenhagen and Simtra Biopharma Solutions in Halle/Westfalen, Germany, with final packaging in the Netherlands. Commercial distribution uses a hybrid model — an in-house U.S. sales force plus contracted resources in the U.S. and Europe — supplemented by Medison Pharma Ltd. as exclusive distributor for Canada, Australia, New Zealand, Israel, and Central and Eastern Europe, and Er-Kim for Turkey, the Middle East, and North Africa. Three ongoing Phase 3 registrational trials define the near-term growth path: TEBE-AM in cutaneous melanoma (topline data expected as early as second half of 2026), ATOM in adjuvant uveal melanoma (enrollment expected to complete 2028), and PRISM-MEL-301 evaluating brenetafusp in first-line advanced cutaneous melanoma. Third-party reimbursement coverage decisions by government health programs and commercial insurers govern sales across all markets.
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Revenue growth beyond the narrow mUM indication depends on Phase 3 readouts over 2026–2028. A failure in TEBE-AM would remove the largest near-term expansion opportunity for KIMMTRAK; the mUM patient population is small and subject to HLA-A*02:01 restriction, which the 10-K identifies as a ceiling on addressable patients. Reimbursement risk is present across markets: in the U.S., the company was granted an increased applicable percentage under the 2021 Infrastructure Investment and Jobs Act wastage-rebate rule, but if CMS changes its position on the exemption, U.S. revenue could be impacted.
See also: Healthcare · Biotechnology
From Immunocore Holdings plc's most recent 10-K filing, extracted June 10, 2026.
Recent developments
updated 2026-06-17Recent Developments — Immunocore Holdings plc
Latest news
- NEWS H.C. Wainwright reiterates Immunocore stock rating citing KIMMTRAK penetration By Investing.com - Investing.com South Af — Investing.com South Africa positive
- NEWS IMCR Reiterated by HC Wainwright & Co. -- Price Target Maintained at $100 - GuruFocus — GuruFocus positive
- NEWS HC Wainwright Reiterates "Buy" Rating for Immunocore (NASDAQ:IMCR) - MarketBeat — MarketBeat positive
- NEWS Immunocore (IMCR): Clinical Momentum, Credible Management, and Industry Visibility Support Buy Rating - TipRanks — TipRanks positive
- NEWS Immunocore (IMCR) upgraded to strong buy: Here's why - MSN — MSN positive
Generated 2026-06-17T09:12:24Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductKIMMTRAK10-K Item 1A: 'our ability to grow our long-term revenues, and a significant portion of the value of our company, relates to our ability to successfully commercialize KIMMTRAK in the United States and Europe'
- HIGHGeographicUnited States10-K Item 1: 'United States| $| 256,998 ... Revenue from sale of therapies, net| $| 400,016'
- MEDIUMSupplierAGC Biologics / Simtra Biopharma10-K Item 1: 'we currently contract with the following well-established third-party manufacturers: •AGC Biologics A/S...and •Simtra Biopharma Solutions'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers·1 ceiling hit
Risk profile below the gate floor. Component breakdown shows what dragged the score down.static
Unprofitable operations — net margin -6.7%. Quality floor flags this regardless of sector context.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $28.58: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 5.8/10 and A.R:R 11.1:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 19%; Elevated put/call ratio: 2.00; Below-average business quality. Chart setup: Death cross but MACD improving, RSI 47. Prior stop was $26.76. Score 5.8/10, moderate confidence.
Take-profit target: $55.24 (+96.1% upside). Prior stop was $26.76. Stop-loss: $26.76.
Concentration risk — Product: KIMMTRAK; Concentration risk — Geographic: United States; Quality below floor (3.0 < 4.0).
Immunocore Holdings plc trades at a P/E of N/A (forward -42.6). TrendMatrix value score: 8.6/10. Verdict: Sell.
23 analysts cover IMCR with a consensus score of 4.1/5. Average price target: $63.
What does Immunocore Holdings plc do?Immunocore is a commercial-stage biotech with one approved product, KIMMTRAK (tebentafusp), a TCR bispecific approved...
Immunocore is a commercial-stage biotech with one approved product, KIMMTRAK (tebentafusp), a TCR bispecific approved for metastatic uveal melanoma in 39 countries and commercially launched in 30, generating $400 million in net product revenue in 2025. Revenue comes entirely from KIMMTRAK sales, with 64% from the U.S. and 33% from Europe; manufacturing is fully outsourced to CMOs in Denmark and Germany.