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Investing.com - Mizuho (NYSE:MFG) has raised its price target on Immunocore Holdings (NASDAQ:IMCR) to $36.00 from $33.00 while maintaining a Neutral rating on the stock. According to InvestingPro data, the company maintains a "GREAT" financial health score of 3.13, with analyst targets ranging from $24.71 to $100.
The adjustment follows Mizuho’s recent management meeting with the company, which provided updates on Immunocore’s commercial and pipeline assets. The firm cited "minor model adjustments" as the basis for the price target increase.
Immunocore’s lead commercial product Kimmtrak is generating steady cash flows and annualizing toward $400 million in revenue, according to Mizuho. The company also maintains a diversified pipeline led by brenetafusp and has over $800 million in cash, providing runway into 2027.
Despite these positive factors, Mizuho noted the absence of significant data catalysts expected over the next 12-18 months as a key reason for maintaining its Neutral stance on the stock.
The firm characterized Immunocore as "relatively well-positioned" with its marketed product, pipeline diversity, and strong cash position, but indicated these factors were insufficient to warrant a more bullish outlook at present.
In other recent news, Immunocore Holdings reported first-quarter earnings and revenue that exceeded analyst expectations. The company posted adjusted earnings per share of $0.10, surpassing the consensus estimate of -$0.39. Revenue reached $93.9 million, beating the expected $86.1 million, largely due to strong sales of its lead product, KIMMTRAK. Additionally, H.C. Wainwright reiterated a Buy rating for Immunocore, maintaining a price target of $100, following positive developments at the ASCO conference. The analysts highlighted the promising aspects of Immunocore’s brenetafusp program, emphasizing its competitive edge in the market. Meanwhile, Deutsche Bank (ETR:DBKGn) initiated coverage with a Buy rating and set a price target of $65. They noted the strong potential of Immunocore’s ImmTAX platform and the success of Tebentafusp, also known as KIMMTRAK, in treating metastatic Uveal Melanoma. These recent developments underscore the growing confidence in Immunocore’s innovative therapies and their impact on patient care.
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