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Investing.com - Jefferies has assumed coverage on Immunocore Holdings (NASDAQ:IMCR) with a Buy rating and a $48.00 price target, according to a research note released Monday. The company, currently trading at $32.93, shows strong financial fundamentals with a "GREAT" health score according to InvestingPro analysis.
The firm highlighted Immunocore’s off-the-shelf T-cell receptor platform, which targets broad disease categories including cancers, infections, and autoimmune conditions.
Jefferies noted that Immunocore’s approved melanoma drug, KIMMTRAK, is currently achieving a $350 million-plus run rate, suggesting a 3-4x multiple would equal a $1-1.4 billion enterprise value.
The research firm pointed out this implies significant upside potential if the company’s pipeline proves successful, given Immunocore’s current enterprise value of approximately $1.1 billion.
Jefferies also mentioned that Immunocore’s PRAME program could present a first-line melanoma opportunity, with a Phase 3 trial currently enrolling and data expected in the 2027 timeframe, while noting the stock could see movement on EPS and hepatitis B virus data in the second half of 2025.
In other recent news, Immunocore Holdings reported its second-quarter earnings for 2025, delivering a revenue of $98 million, surpassing the forecast of $92.04 million. This revenue achievement marks a 6.48% surprise above expectations. However, the company’s earnings per share did not meet analyst projections, reporting -$0.20 compared to the anticipated -$0.18. Despite the revenue beat, the mixed results were reflected in the market’s reaction. Analysts from various firms have been closely monitoring these developments, though no specific upgrades or downgrades have been reported. Investors are keenly observing how these financial results may influence future performance. Immunocore’s recent earnings announcement highlights the company’s ongoing financial dynamics.
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