Immunocore (NASDAQ:IMCR) Issues Earnings Results

Key Points

• Immunocore missed quarterly expectations: The company reported a loss of $0.02 per share versus the $0.01 consensus loss estimate, while revenue of $115.93 million fell well short of the $148.47 million forecast.
• KIMMTRAK performance remained strong: First-half net revenue increased 16% year over year to $223 million, and five-year data showed a 16% overall survival rate versus 8% for investigator’s choice in metastatic uveal melanoma.
• Near-term headwinds remain: Q2 U.S. sales included about $6 million from distributor inventory stocking, which may weigh on Q3, while Immunocore expects approximately $120 million in sales-related rebate payments in the second half of 2026.

Immunocore (NASDAQ:IMCR - Get Free Report) issued its quarterly earnings data on Thursday. The company reported ($0.02) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.01), FiscalAI reports. Immunocore had a negative return on equity of 7.07% and a negative net margin of 6.68%.The company had revenue of $115.93 million during the quarter, compared to the consensus estimate of $148.47 million.

Here are the key takeaways from Immunocore's conference call:

• Positive Sentiment: KIMMTRAK first-half net revenue rose 16% year over year to $223 million, including $116 million in Q2, supported by continued U.S. community demand and penetration above 70% in major markets.
• Positive Sentiment: Five-year data showed KIMMTRAK doubled the likelihood of survival at five years versus investigator’s choice in HLA-A2-positive metastatic uveal melanoma, with overall survival of 16% versus 8%.
• Positive Sentiment: Enrollment in the pivotal TEBE-AM trial for previously treated advanced cutaneous melanoma is nearly complete, with headline overall-survival data potentially available by year-end 2026; ATOM and PRISM-MEL-301 also continue to advance.
• Neutral Sentiment: Immunocore expects first-patient dosing of its type 1 diabetes candidate in the coming weeks, plans to submit a CTA for a second autoimmune candidate by year-end, and expects updated HIV data in the first half of 2027.
• Negative Sentiment: Q2 U.S. sales benefited from approximately $6 million of distributor inventory stocking, creating a headwind for Q3, while the company expects roughly $120 million in sales-related rebate payments during the second half of 2026.

Immunocore Stock Performance

Shares of IMCR stock traded up $1.21 during trading hours on Thursday, reaching $34.50. The company had a trading volume of 572,933 shares, compared to its average volume of 549,982. The firm has a market cap of $1.76 billion, a PE ratio of -62.73 and a beta of 0.74. The business has a fifty day moving average price of $31.54 and a 200-day moving average price of $31.33. Immunocore has a one year low of $27.56 and a one year high of $40.71. The company has a debt-to-equity ratio of 1.00, a quick ratio of 4.15 and a current ratio of 4.18.

Analyst Ratings Changes

A number of equities analysts recently issued reports on IMCR shares. HC Wainwright reissued a "buy" rating and issued a $100.00 price target on shares of Immunocore in a research note on Monday, April 20th. Zacks Research downgraded Immunocore from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 7th. Wall Street Zen cut shares of Immunocore from a "buy" rating to a "hold" rating in a report on Tuesday, July 28th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunocore in a research note on Monday, July 13th. Finally, Mizuho boosted their price objective on shares of Immunocore from $34.00 to $35.00 and gave the stock a "neutral" rating in a research note on Monday. Five investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Immunocore currently has a consensus rating of "Hold" and a consensus price target of $56.29.

Institutional Investors Weigh In On Immunocore

Hedge funds have recently added to or reduced their stakes in the stock. Arax Advisory Partners boosted its stake in shares of Immunocore by 302.9% in the 4th quarter. Arax Advisory Partners now owns 1,386 shares of the company's stock worth $48,000 after buying an additional 1,042 shares during the last quarter. Osaic Holdings Inc. increased 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. State of Tennessee Department of Treasury bought a new position in Immunocore in the second quarter valued at about $132,000. Federation des caisses Desjardins du Quebec boosted its position in Immunocore by 162.1% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 5,478 shares of the company's stock worth $190,000 after purchasing an additional 3,388 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new stake in shares of Immunocore during the 4th quarter valued at about $203,000. 84.50% of the stock is currently owned by hedge funds and other institutional investors.

About Immunocore

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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