Analyst consensus implies nearly 93% upside to the near-term price target and the risk/reward ratio is highly asymmetric on paper, but the business quality sits below the minimum acceptable threshold, the stock is in a confirmed downtrend with a death cross in place, and near-total revenue dependence on a single product in a single geography creates concentration risk that limits conviction until technical conditions improve.
Thesis pillars
- Business Quality Below Minimum Threshold→Stable
- Single Product Single Market Concentration→Stable
- Confirmed Downtrend Death Cross Block→Stable
- +1 more pillar — see the Why tab for full reasoning
Immunocore Holdings plc (IMCR) Stock Analysis
Recovery setup · Inst Constrain edge
Healthcare · Biotechnology
Sell if holding. Engine safety override at $32.50: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 6.0/10 and A.R:R 4.6:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 20%; Below-average business quality; Below long-term trend. (Note: Risk dimension 4.7/10 and A.R:R 4.6:1 are different metrics that happen to read the same number here.)
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 $32.50: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 6.0/10 and A.R:R 4.6:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 20%; Below-average business quality; Below long-term trend. (Note: Risk dimension 4.7/10 and A.R:R 4.6:1 are different metrics that happen to read the same number here.) Chart setup: Death cross but MACD improving, RSI 78. Score 6.0/10, moderate confidence.
Passes 8/9 gates (positive momentum, favorable risk/reward ratio, clean insider activity, no SEC red flags, news events none recent, earnings proximity 34d clear, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
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.
Show full overview
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 2026-07-06Recent 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 2026-07-06T06:20:28Z.
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
Technicals 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 $32.50: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 6.0/10 and A.R:R 4.6:1 is above the 1.5:1 BUY gate. Specifically: High short interest: 20%; Below-average business quality; Below long-term trend. (Note: Risk dimension 4.7/10 and A.R:R 4.6:1 are different metrics that happen to read the same number here.) Chart setup: Death cross but MACD improving, RSI 78. Prior stop was $30.23. Score 6.0/10, moderate confidence.
Take-profit target: $55.13 (+69.6% upside). Prior stop was $30.23. Stop-loss: $30.23.
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 -52.0). TrendMatrix value score: 8.4/10. 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.