Immunocore (NASDAQ:IMCR) Downgraded by Wall Street Zen to "Hold"

Key Points

• Immunocore's stock was downgraded from a "buy" to a "hold" rating by analysts at Wall Street Zen.
• Despite the downgrade, Immunocore received a price target increase from Oppenheimer, raising it from $85.00 to $86.00, indicating continued analyst interest.
• The company's revenue increased by 30% year-over-year, reaching $130.65 million, surpassing analyst estimates for the quarter.

Wall Street Zen lowered shares of Immunocore (NASDAQ:IMCR - Free Report) from a buy rating to a hold rating in a research note released on Saturday.

A number of other brokerages also recently issued reports on IMCR. Oppenheimer boosted their price target on shares of Immunocore from $85.00 to $86.00 and gave the stock an "outperform" rating in a research report on Thursday, May 8th. HC Wainwright restated a "buy" rating and set a $100.00 price objective on shares of Immunocore in a report on Monday, June 2nd. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Immunocore in a report on Tuesday, May 27th. They set a "buy" rating and a $65.00 price objective on the stock. Finally, JPMorgan Chase & Co. reduced their target price on shares of Immunocore from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Immunocore currently has an average rating of "Hold" and an average price target of $58.00.

Immunocore Price Performance

Shares of NASDAQ IMCR traded up $1.39 during trading hours on Friday, hitting $33.26. 92,453 shares of the stock were exchanged, compared to its average volume of 338,108. The company has a market cap of $1.67 billion, a PE ratio of -82.91 and a beta of 0.77. The company has a debt-to-equity ratio of 1.01, a quick ratio of 5.86 and a current ratio of 5.89. The company's fifty day simple moving average is $33.88 and its two-hundred day simple moving average is $31.23. Immunocore has a 1-year low of $23.15 and a 1-year high of $39.33.

Immunocore (NASDAQ:IMCR - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.01. Immunocore had a negative net margin of 5.70% and a negative return on equity of 5.40%. The company had revenue of $130.65 million for the quarter, compared to analyst estimates of $122.96 million. During the same period in the previous year, the firm posted ($0.23) EPS. The firm's revenue was up 30.0% on a year-over-year basis. On average, sell-side analysts predict that Immunocore will post -0.94 EPS for the current year.

Institutional Investors Weigh In On Immunocore

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Schroder Investment Management Group raised its stake in Immunocore by 67.6% in the second quarter. Schroder Investment Management Group now owns 109,849 shares of the company's stock valued at $3,447,000 after purchasing an additional 44,310 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Immunocore during the second quarter worth approximately $248,000. Virtus Investment Advisers LLC raised its stake in shares of Immunocore by 5.3% during the second quarter. Virtus Investment Advisers LLC now owns 12,472 shares of the company's stock worth $391,000 after acquiring an additional 625 shares in the last quarter. Quadrature Capital Ltd purchased a new position in shares of Immunocore during the second quarter worth approximately $471,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Immunocore during the second quarter worth approximately $42,000. 84.50% of the stock is owned by hedge funds and other institutional investors.

Immunocore Company Profile

Immunocore Holdings plc, a commercial-stage biotechnology company, engages in the development of immunotherapies for the treatment of cancer, infectious, and autoimmune diseases. The company offers KIMMTRAK for the treatment of patients with unresectable or metastatic uveal melanoma. It also develops other programs for oncology, including tebentafusp that is in Phase 2/3 clinical trial to treat advanced cutaneous melanoma.