Immunocore (NASDAQ:IMCR) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan initiated coverage of Immunocore with an “overweight” rating and a $50 price target, implying approximately 38% upside from the prior close.
• Analyst sentiment is generally positive: Immunocore has a consensus “Moderate Buy” rating and an average price target of $56.38, although ratings range from Strong Buy to Sell.
• IMCR shares slipped 0.2% to $36.19, while the company’s latest quarterly loss of $0.02 per share was slightly worse than analysts’ expected loss of $0.01; institutional investors own 84.5% of the stock.

Research analysts at JPMorgan Chase & Co. started coverage on shares of Immunocore (NASDAQ:IMCR - Get Free Report) in a report released on Friday. The brokerage set an "overweight" rating and a $50.00 price target on the stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 38.16% from the company's previous close.

A number of other research firms also recently weighed in on IMCR. Weiss Ratings reissued a "sell (e+)" rating on shares of Immunocore in a research report on Friday, July 17th. Mizuho upped their price target on shares of Immunocore from $34.00 to $35.00 and gave the company a "neutral" rating in a report on Monday, August 3rd. Wall Street Zen downgraded shares of Immunocore from a "buy" rating to a "hold" rating in a research note on Tuesday, July 28th. Cantor Fitzgerald reissued an "overweight" rating on shares of Immunocore in a report on Monday, July 13th. Finally, Morgan Stanley set a $43.00 target price on shares of Immunocore in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $56.38.

Immunocore Stock Down 0.2%

IMCR traded down $0.09 on Friday, reaching $36.19. The company's stock had a trading volume of 19,766 shares, compared to its average volume of 463,144. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of -97.81 and a beta of 0.74. Immunocore has a 1 year low of $27.56 and a 1 year high of $40.71. The company has a debt-to-equity ratio of 0.94, a current ratio of 4.47 and a quick ratio of 4.44. The business's 50 day moving average is $32.81 and its 200 day moving average is $31.39.

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

Institutional Investors Weigh In On Immunocore

Several institutional investors and hedge funds have recently made changes to their positions in IMCR. Millennium Management LLC raised its position in shares of Immunocore by 334.3% during the 3rd quarter. Millennium Management LLC now owns 1,265,965 shares of the company's stock worth $45,993,000 after purchasing an additional 974,463 shares during the period. Vestal Point Capital LP acquired a new position in Immunocore during the 4th quarter valued at approximately $20,305,000. Janus Henderson Group PLC acquired a new position in Immunocore during the 4th quarter valued at approximately $15,734,000. Bellevue Group AG grew its stake in Immunocore by 14.5% during the 3rd quarter. Bellevue Group AG now owns 2,796,803 shares of the company's stock worth $101,608,000 after buying an additional 354,973 shares during the last quarter. Finally, Tang Capital Management LLC increased its position in Immunocore by 14.0% in the fourth quarter. Tang Capital Management LLC now owns 2,628,538 shares of the company's stock worth $91,237,000 after buying an additional 322,930 shares during the period. 84.50% of the stock is owned by institutional investors and hedge funds.

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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