H.C. Wainwright reiterates buy rating on Immunocore stock amid ASCO update

On Tuesday, H.C. Wainwright analysts reaffirmed their Buy rating and $100 price target for Immunocore Holdings (NASDAQ: IMCR) stock, aligning with the broader analyst consensus of "Buy." The stock has shown strong momentum with a 20.6% gain in the past week. The decision comes after a positive update from Immatics™ at the American Society of Clinical Oncology (ASCO) conference, which bolstered confidence in Immunocore’s brenetafusp program.

The analysts highlighted that Immatics™ IMA203 T cell therapy showed notable response durability and depth in patients with heavily pretreated metastatic melanoma, including those previously treated with Immunocore’s KIMMTRAK. They emphasized the competitive edge of Immunocore’s brenetafusp, due to its off-the-shelf bispecific format, scalable outpatient administration, and promising early clinical activity. The company, currently valued at $1.94 billion, maintains a strong financial position with a "GREAT" health score according to InvestingPro analysis.

Immunocore’s brenetafusp (IMC-F106C) is currently undergoing a registrational Phase 3 trial, PRISM-MEL-301, for first-line advanced cutaneous melanoma, with dose selection expected in the second half of 2025. Additionally, multiple Phase 1/2 cohorts are ongoing in ovarian cancer and non-small cell lung cancer (NSCLC).

The analysts view Immunocore’s PRAME franchise as a potential cornerstone of next-generation immuno-oncology. They reiterated their Buy rating and maintained the $100 price target for Immunocore Holdings stock, citing the program’s potential for broad adoption. With impressive revenue growth of 25.75% and strong liquidity metrics, InvestingPro reveals 10 additional analyst upgrades for the upcoming period, alongside numerous other valuable insights available in the comprehensive Pro Research Report.

In other recent news, Immunocore Holdings reported first-quarter earnings and revenue that exceeded analyst expectations, largely driven by robust sales of its lead product, KIMMTRAK. The company achieved an adjusted earnings per share of $0.10, surpassing the consensus estimate of -$0.39. Revenue reached $93.9 million, outperforming the expected $86.1 million. KIMMTRAK’s net product sales increased by 33% year-over-year, with significant contributions from the U.S., Europe, and other international markets. Immunocore also reported a net income of $5.0 million, compared to a net loss of $24.4 million in the same quarter last year.

Additionally, Deutsche Bank initiated coverage on Immunocore with a Buy rating and a $65 price target, citing the potential of its ImmTAX platform and the expansion of Tebentafusp into new treatment areas. The firm highlighted the possibility of a patent extension for Tebentafusp until 2035. Furthermore, Deutsche Bank noted future opportunities with Brenentafusp in Platinum Resistant Ovarian Cancer, while remaining cautious about its potential in first-line Cutaneous Melanoma. Immunocore’s ongoing trials, including the Phase 3 TEBE-AM and PRISM-MEL-301, are progressing as planned, with enrollment and dose selection expected in the coming years.

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