Immunocore (NASDAQ:IMCR) Stock Price Target Lowered at Morgan Stanley

Key Points

• Morgan Stanley lowered its Immunocore price target from $43 to $42, maintaining an “equal weight” rating; the new target implies about 41% upside from the cited share price.
• Analyst views are mixed: MarketBeat reports a consensus “Hold” rating and average price target of $52.86, with ratings ranging from strong buy to sell.
• Immunocore shares fell 2.1% to $29.84 on Friday. Its latest quarter missed estimates, reporting an adjusted loss of $0.28 per share and revenue of $102.22 million versus expectations of $152.09 million.

Immunocore (NASDAQ:IMCR - Get Free Report) had its target price lowered by investment analysts at Morgan Stanley from $43.00 to $42.00 in a report released on Friday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's target price would indicate a potential upside of 40.76% from the company's current price.

IMCR has been the topic of a number of other research reports. HC Wainwright reduced their target price on Immunocore from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Tuesday. Mizuho upped their price target on Immunocore from $34.00 to $35.00 and gave the company a "neutral" rating in a research report on Monday, August 3rd. Zacks Research cut Immunocore from a "hold" rating to a "strong sell" rating in a research note on Monday. TD Cowen upgraded Immunocore to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Wall Street Zen downgraded shares of Immunocore from a "buy" rating to a "hold" rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $52.86.

Immunocore Trading Down 2.1%

NASDAQ IMCR traded down $0.64 during trading hours on Friday, hitting $29.84. 112,505 shares of the company's stock were exchanged, compared to its average volume of 462,579. The company has a debt-to-equity ratio of 0.94, a quick ratio of 4.44 and a current ratio of 4.62. The firm has a market capitalization of $1.54 billion, a P/E ratio of -45.84 and a beta of 0.82. The business's 50 day moving average is $31.22 and its 200-day moving average is $31.66. Immunocore has a 12-month low of $27.50 and a 12-month high of $40.71.

Immunocore (NASDAQ:IMCR - Get Free Report) last announced its quarterly earnings data on Friday, November 6th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.11). Immunocore had a negative return on equity of 7.96% and a negative net margin of 7.48%. The company had revenue of $102.22 million for the quarter, compared to analysts' expectations of $152.09 million. As a group, analysts anticipate that Immunocore will post -0.20 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Janus Henderson Group PLC boosted its position in shares of Immunocore by 30.9% during the 1st quarter. Janus Henderson Group PLC now owns 594,712 shares of the company's stock valued at $17,919,000 after purchasing an additional 140,308 shares in the last quarter. Braidwell LP bought a new position in Immunocore during the second quarter valued at about $16,552,000. Renaissance Technologies LLC boosted its stake in shares of Immunocore by 16.4% during the 1st quarter. Renaissance Technologies LLC now owns 164,000 shares of the company's stock worth $4,945,000 after acquiring an additional 23,100 shares in the last quarter. HighVista Strategies LLC increased its holdings in shares of Immunocore by 75.6% during the 3rd quarter. HighVista Strategies LLC now owns 75,840 shares of the company's stock valued at $2,297,000 after acquiring an additional 32,655 shares during the last quarter. Finally, Alps Advisors Inc. raised its stake in shares of Immunocore by 32.7% in the 3rd quarter. Alps Advisors Inc. now owns 68,246 shares of the company's stock valued at $2,067,000 after acquiring an additional 16,826 shares in the last quarter. 84.50% of the stock is owned by institutional investors and hedge funds.

About Immunocore

Immunocore is a biotechnology company that develops T cell receptor (TCR)-based medicines for cancer and other diseases. Its ImmTAX platform is designed to create therapies that direct the body's T cells toward targets inside cells, including targets that may be difficult for conventional antibody treatments to reach. The company's marketed medicine, KIMMTRAK (tebentafusp-tebn), is a TCR-based therapy approved in the United States and other markets for certain patients with unresectable or metastatic uveal melanoma.

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