TD Cowen Upgrades Immunocore (NASDAQ:IMCR) to "Strong-Buy"

Key Points

• TD Cowen upgraded Immunocore to “strong buy,” joining Zacks Research; analyst sentiment overall remains “Moderate Buy,” with a consensus price target of $56.38.
• Immunocore shares opened at $36.61, compared with a 12-month range of $27.56 to $40.71. The company recently reported a quarterly loss of $0.02 per share, missing estimates by $0.01.
• Institutional investors own 84.5% of the company, while several hedge funds recently increased their positions. Immunocore’s lead product, tebentafusp, is approved for metastatic uveal melanoma.

Immunocore (NASDAQ:IMCR - Get Free Report) was upgraded by equities research analysts at TD Cowen to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

IMCR has been the topic of several other reports. Weiss Ratings restated a "sell (e+)" rating on shares of Immunocore in a report on Friday, July 17th. Wall Street Zen cut Immunocore from a "buy" rating to a "hold" rating in a report on Tuesday, July 28th. Mizuho lifted their price objective on Immunocore from $34.00 to $35.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. started coverage on Immunocore in a research note on Friday. They set an "overweight" rating and a $50.00 price objective on the stock. Finally, Zacks Research upgraded Immunocore from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $56.38.

Immunocore Stock Performance

NASDAQ:IMCR opened at $36.61 on Monday. The company has a market cap of $1.89 billion, a P/E ratio of -98.94 and a beta of 0.74. Immunocore has a twelve month low of $27.56 and a twelve month high of $40.71. The company's 50-day moving average price is $33.13 and its 200-day moving average price is $31.45. The company has a current ratio of 4.47, a quick ratio of 4.44 and a debt-to-equity ratio of 0.94.

Immunocore (NASDAQ:IMCR - Get Free Report) last announced its quarterly earnings data on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.01). Immunocore had a negative net margin of 4.20% and a negative return on equity of 4.54%. On average, sell-side analysts forecast that Immunocore will post 0.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IMCR. Harbour Investments Inc. raised its stake in shares of Immunocore by 60.2% in the 4th quarter. Harbour Investments Inc. now owns 1,033 shares of the company's stock valued at $36,000 after acquiring an additional 388 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Immunocore by 37.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,120 shares of the company's stock worth $74,000 after purchasing an additional 572 shares during the period. R Squared Ltd increased its holdings in Immunocore by 7.4% in the 4th quarter. R Squared Ltd now owns 8,849 shares of the company's stock valued at $307,000 after purchasing an additional 606 shares during the last quarter. Leonteq Securities AG acquired a new stake in Immunocore in the 4th quarter valued at approximately $30,000. Finally, Orion Porfolio Solutions LLC raised its position in Immunocore by 4.5% in the second quarter. Orion Porfolio Solutions LLC now owns 23,965 shares of the company's stock valued at $752,000 after purchasing an additional 1,031 shares during the period. Hedge funds and other institutional investors own 84.50% of the company's stock.

Immunocore Company Profile

Immunocore plc is a clinical‐stage biotechnology company focused on the development of novel immunotherapies that harness the body's own T‐cell response to treat cancer and infectious diseases. The company's proprietary ImmTAC (immune mobilising monoclonal T‐cell receptors against cancer) platform utilizes engineered, soluble T‐cell receptor (TCR) molecules designed to recognise intracellular peptide–HLA complexes. By redirecting and activating T cells against disease‐associated targets, Immunocore aims to address malignancies and persistent viral infections with high unmet medical need.

The company's most advanced candidate, tebentafusp, is a bispecific ImmTAC molecule that targets gp100, a melanoma‐associated antigen, and has received regulatory approval for the treatment of metastatic uveal melanoma.

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