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On Tuesday, BTIG analyst Justin Zelin reaffirmed a Buy rating and a price target of $91.00 on shares of Immunocore Holdings (NASDAQ:IMCR), which currently trades at $28.18. The stock is currently trading near its 52-week low of $27.69, while analyst targets range from $24.05 to $101.81. The endorsement came after the company shared results from the multiple ascending dose (MAD) portion of the Phase 1/2 STRIVE trial, which is evaluating IMC-M113V in patients with HIV. For comprehensive analysis of IMCR’s valuation and growth prospects, InvestingPro offers detailed research reports with expert insights. The data, according to Zelin, is persuasive and serves as a proof of concept for the drug’s mechanism of action (MoA).
Immunocore reported that 20% of patients (1 out of 5) in the 300ug cohort achieved viral control below 50 copies/mL by week 12. Notably, the treatment’s safety profile was favorable, with cytokine release storm (CRS) limited to grade 1 and no dose-limiting toxicities (DLTs) observed. The company maintains a strong financial position with a current ratio of 4.38, indicating robust liquidity to support its ongoing clinical programs. Despite instances where viral copy numbers exceeded 200 copies/mL before the 12-week threshold, Zelin believes that further exploration of dosing and treatment intervals could improve immunological control and maintain viral suppression.
The company is progressing with dose escalation at higher levels and anticipates releasing additional data in the next 12 to 18 months. Management has indicated that a potential pivotal study could involve a randomized, placebo-controlled design. Zelin expressed enthusiasm for forthcoming study details and the future trajectory of the drug’s development.
Immunocore’s progress in the STRIVE trial marks a significant step in the development of IMC-M113V, as achieving viral control in HIV patients is a critical goal in treatment. The positive safety profile and initial efficacy data suggest that the drug could become an important option in the HIV treatment landscape if further studies confirm these results. The company’s revenue grew by 24.37% in the last twelve months, demonstrating strong commercial execution. As the company continues its research, investors and patients alike will be watching closely for the next stages of clinical trials and potential regulatory milestones. InvestingPro subscribers can access additional financial metrics and 7 key ProTips to better understand IMCR’s investment potential.
In other recent news, Immunocore Holdings PLC reported its fourth-quarter 2024 earnings, revealing a significant shortfall in earnings per share (EPS) compared to analysts’ expectations. The company posted an EPS of -0.47, which fell short of the forecasted -0.24. Revenue also came in slightly below expectations at $84.05 million against the anticipated $84.53 million. Despite the earnings miss, Immunocore’s total revenues for 2024 reached $310 million, marking a 30% increase year-over-year. The company’s flagship product, KymTrak, showed robust commercial performance, achieving a 65% market penetration in the U.S. and contributing to a 34% rise in U.S. revenues.
In other developments, Immunocore presented promising initial data from their ongoing Phase 1/2 STRIVE trial of IMC-M113V, a potential functional cure for HIV. The trial demonstrated a dose-dependent reduction in the HIV active reservoir and viral control in some patients after pausing antiretroviral treatment. Furthermore, Immunocore is expanding its pipeline with ongoing trials in melanoma and other areas, as noted by CEO Bahija Jallal. Looking ahead, the company anticipates incremental growth for KymTrak in 2025 and significant developments in its HIV program.
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