Immunocore (NASDAQ:IMCR) Upgraded by Zacks Research to "Strong-Buy" Rating

Key Points

• Zacks Research upgraded Immunocore from “strong sell” to “strong-buy”, while the broader analyst view remains Moderate Buy with a consensus price target of $57.75.
• Immunocore’s stock was down 3.4% on Thursday, opening at $29.58, with shares trading below both the 50-day and 200-day moving averages.
• The company recently reported Q1 earnings of $0.25 per share, beating expectations, but revenue of $106.68 million missed estimates; insiders also sold shares, and hedge funds own 84.5% of the stock.

Immunocore (NASDAQ:IMCR - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Mizuho set a $38.00 target price on shares of Immunocore in a research report on Thursday, February 19th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Immunocore in a research report on Tuesday, April 21st. Jefferies Financial Group lowered shares of Immunocore from a "buy" rating to a "hold" rating and cut their target price for the stock from $48.00 to $33.00 in a research report on Monday, March 16th. UBS Group set a $55.00 target price on shares of Immunocore and gave the stock a "buy" rating in a research report on Wednesday, January 7th. Finally, HC Wainwright reiterated a "buy" rating and issued a $100.00 target price on shares of Immunocore in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Immunocore currently has an average rating of "Moderate Buy" and a consensus price target of $57.75.

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Immunocore Stock Down 3.4%

IMCR opened at $29.58 on Thursday. The company has a fifty day moving average price of $30.87 and a 200-day moving average price of $33.32. The firm has a market capitalization of $1.50 billion, a P/E ratio of -53.78 and a beta of 0.74. The company has a debt-to-equity ratio of 1.00, a current ratio of 4.18 and a quick ratio of 4.01. Immunocore has a one year low of $27.44 and a one year high of $40.71.

Immunocore (NASDAQ:IMCR - Get Free Report) last announced its earnings results on Wednesday, May 6th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.51. Immunocore had a negative net margin of 6.68% and a negative return on equity of 7.07%. The company had revenue of $106.68 million during the quarter, compared to analyst estimates of $145.15 million. During the same period in the previous year, the business earned $0.10 earnings per share. The firm's quarterly revenue was up 13.6% compared to the same quarter last year. Equities research analysts expect that Immunocore will post -0.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunocore

In other Immunocore news, CEO Bahija Jallal sold 11,474 shares of the company's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $32.35, for a total transaction of $371,183.90. Following the completion of the sale, the chief executive officer directly owned 12,343 shares in the company, valued at $399,296.05. This represents a 48.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Leger Tina Amber St sold 1,000 shares of the company's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $32.35, for a total transaction of $32,350.00. Following the sale, the insider owned 1,119 shares of the company's stock, valued at approximately $36,199.65. The trade was a 47.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,137 shares of company stock worth $619,082 over the last three months. Company insiders own 10.40% of the company's stock.

Institutional Trading of Immunocore

Several institutional investors have recently added to or reduced their stakes in the business. Harbour Investments Inc. boosted its position in Immunocore by 60.2% during the fourth quarter. Harbour Investments Inc. now owns 1,033 shares of the company's stock valued at $36,000 after buying an additional 388 shares during the period. DNB Asset Management AS boosted its position in Immunocore by 6.4% during the third quarter. DNB Asset Management AS now owns 8,116 shares of the company's stock valued at $295,000 after buying an additional 488 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Immunocore by 37.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,120 shares of the company's stock valued at $74,000 after buying an additional 572 shares during the period. R Squared Ltd boosted its position in Immunocore by 7.4% during the fourth quarter. R Squared Ltd now owns 8,849 shares of the company's stock valued at $307,000 after buying an additional 606 shares during the period. Finally, Leonteq Securities AG purchased a new stake in Immunocore during the fourth quarter valued at about $30,000. 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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