Immunocore (NASDAQ:IMCR) Share Price Breaks Above 200-Day Moving Average After Earnings Miss

Key Points

• Immunocore shares rose 2.4% and moved above their 200-day moving average, trading near $31.73.
• The company missed quarterly expectations, reporting a loss of $0.28 per share versus the $0.17 consensus loss and revenue of $102.22 million versus analysts’ $152.10 million estimate.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $55.86, though ratings range from Strong Buy to Sell.

Immunocore Holdings PLC Sponsored ADR (NASDAQ:IMCR - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday following a better than expected earnings announcement. The stock has a two hundred day moving average of $31.71 and traded as high as $31.91. Immunocore shares last traded at $31.73, with a volume of 554,354 shares.

The company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.11). The firm had revenue of $102.22 million during the quarter, compared to analysts' expectations of $152.10 million. Immunocore had a negative return on equity of 4.54% and a negative net margin of 4.20%.

Analyst Upgrades and Downgrades

A number of analysts have commented on IMCR shares. HC Wainwright reaffirmed a "buy" rating and set a $100.00 target price on shares of Immunocore in a report on Monday, October 26th. JPMorgan Chase & Co. assumed coverage on shares of Immunocore in a research note on Friday, August 21st. They set an "overweight" rating and a $50.00 price target on the stock. Zacks Research downgraded shares of Immunocore from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. TD Cowen upgraded Immunocore to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Immunocore in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Immunocore currently has an average rating of "Moderate Buy" and a consensus price target of $55.86.

Hedge Funds Weigh In On Immunocore

Several institutional investors have recently bought and sold shares of IMCR. Janus Henderson Group PLC lifted its stake in shares of Immunocore by 30.9% in the 1st quarter. Janus Henderson Group PLC now owns 594,712 shares of the company's stock valued at $17,919,000 after purchasing an additional 140,308 shares during the last quarter. Braidwell LP bought a new position in shares of Immunocore in the second quarter worth about $16,552,000. Renaissance Technologies LLC increased its stake in Immunocore by 16.4% in the 1st quarter. Renaissance Technologies LLC now owns 164,000 shares of the company's stock worth $4,945,000 after buying an additional 23,100 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Immunocore in the 2nd quarter worth about $2,145,000. Finally, Alps Advisors Inc. increased its stake in Immunocore by 32.7% in the 3rd quarter. Alps Advisors Inc. now owns 68,246 shares of the company's stock worth $2,067,000 after buying an additional 16,826 shares during the period. Institutional investors own 84.50% of the company's stock.

Immunocore Stock Up 2.4%

The business's fifty day moving average is $31.54 and its two-hundred day moving average is $31.71. The company has a market cap of $1.63 billion, a P/E ratio of -48.81 and a beta of 0.82. The company has a debt-to-equity ratio of 0.94, a quick ratio of 4.44 and a current ratio of 4.47.

Immunocore Company Profile

Immunocore is a biotechnology company that develops T cell receptor (TCR)-based medicines for cancer and other diseases. Its ImmTAX platform is designed to create therapies that direct the body's T cells toward targets inside cells, including targets that may be difficult for conventional antibody treatments to reach.

The company's marketed medicine, KIMMTRAK (tebentafusp-tebn), is a TCR-based therapy approved in the United States and other markets for certain patients with unresectable or metastatic uveal melanoma.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.