Immunocore (NASDAQ:IMCR) Cut to "Hold" at Zacks Research

Key Points

• Immunocore has been downgraded by Zacks Research from a "strong-buy" rating to a "hold" rating.
• Despite the downgrade, the stock has a consensus rating of "Moderate Buy" with a target price of $56.89 according to analysts.
• The company reported a revenue increase of 30% year-over-year, with a positive earnings report beating analyst expectations.

Zacks Research lowered shares of Immunocore (NASDAQ:IMCR - Free Report) from a strong-buy rating to a hold rating in a research report report published on Thursday,Zacks.com reports.

IMCR has been the topic of a number of other research reports. HC Wainwright restated a "buy" rating and set a $100.00 target price on shares of Immunocore in a research note on Monday, June 2nd. Wall Street Zen cut shares of Immunocore from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Jefferies Financial Group started coverage on shares of Immunocore in a research note on Monday, August 25th. They issued a "buy" rating and a $48.00 price target on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Immunocore in a research note on Tuesday, May 27th. They issued a "buy" rating and a $65.00 price target on the stock. Finally, 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 note on Thursday, May 8th. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $56.89.

Immunocore Price Performance

Shares of IMCR traded down $0.56 during trading hours on Thursday, reaching $36.64. 235,208 shares of the stock traded hands, compared to its average volume of 297,189. The company has a current ratio of 5.89, a quick ratio of 5.86 and a debt-to-equity ratio of 1.01. Immunocore has a 52-week low of $23.15 and a 52-week high of $39.33. The company's 50-day moving average price is $33.73 and its two-hundred day moving average price is $31.61. The company has a market cap of $1.85 billion, a P/E ratio of -91.60 and a beta of 0.77.

Immunocore (NASDAQ:IMCR - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.20) earnings per share for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $122.96 million. During the same quarter in the previous year, the company earned ($0.23) EPS. Immunocore's revenue for the quarter was up 30.0% on a year-over-year basis. On average, analysts anticipate that Immunocore will post -0.94 earnings per share for the current year.

Institutional Investors Weigh In On Immunocore

Several hedge funds have recently modified their holdings of IMCR. GF Fund Management CO. LTD. purchased a new stake in shares of Immunocore in the 4th quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Immunocore by 4,696.3% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 1,295 shares of the company's stock worth $41,000 after purchasing an additional 1,268 shares during the period. Elevation Point Wealth Partners LLC purchased a new stake in shares of Immunocore in the 2nd quarter worth approximately $42,000. Osaic Holdings Inc. lifted its position in Immunocore by 117.4% during the second quarter. Osaic Holdings Inc. now owns 3,148 shares of the company's stock valued at $97,000 after acquiring an additional 1,700 shares during the last quarter. Finally, State of Tennessee Department of Treasury purchased a new stake in Immunocore during the second quarter valued at approximately $132,000. Hedge funds and other institutional investors own 84.50% of the company's stock.

About Immunocore

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.