IMCR Stock Risk & Deep Value Analysis
Immunocore Holdings PLC
Healthcare • Biotechnology
DVR Score
out of 10
What You Need to Know About IMCR Stock
We analyzed Immunocore Holdings PLC using our deep value framework. Sign in to see our full verdict and DVR Score.
We ran IMCR through our deep value framework — analyzing financial health, distress signals, competitive moat, and risk factors. Our risk assessment: Aggressive. Here's what we found.
IMCR Risk Analysis & Red Flags
What Could Go Wrong
The biggest risk is clinical trial failure, particularly for the PRAME program. A negative or underwhelming Phase 2 readout for PRAME in advanced melanoma would significantly devalue the pipeline and could lead to a 40-60% stock decline, as much of the future growth potential is tied to this asset's success.
Risk Matrix
Overall
Aggressive
Financial
Medium
Market
Medium
Competitive
High
Execution
Medium
Regulatory
High
Red Flags
- ⚠
Over-reliance on KIMMTRAK for near-term revenue growth without robust pipeline progression.
- ⚠
High R&D expenditures with limited clinical success outside of KIMMTRAK's initial approval.
- ⚠
Potential for competitor TCR or T-cell engager platforms to emerge with superior efficacy or safety profiles.
Upcoming Risk Events
- 📅
Negative or underwhelming Phase 2 data for PRAME program
- 📅
Clinical trial delays or regulatory setbacks for key pipeline assets
- 📅
Increased competition in TCR-T or bispecifics space
When to Reconsider
- 🚪
Exit if Phase 2/3 trial data for lead pipeline assets (e.g., PRAME) shows unfavorable risk-benefit profile or fails to meet primary endpoints.
- 🚪
Sell if cash runway drops below 12 months without clear funding plan or significant partnership announcement.
- 🚪
Exit if KIMMTRAK sales growth significantly decelerates for two consecutive quarters.
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What Does Immunocore Holdings PLC (IMCR) Do?
Sector
Healthcare
Industry
Biotechnology
Employees
493
Immunocore Holdings plc, a commercial-stage biotechnology company, engages in the development of immunotherapies for the treatment of cancer, infectious, and autoimmune diseases. The company offers KIMMTRAK for the treatment of patients with unresectable or metastatic uveal melanoma. It also develops other programs for oncology, including tebentafusp that is in Phase 3 clinical trial to treat advanced cutaneous melanoma and adjuvant uveal melanoma; and brenetafusp that is in Phase 3 clinical trial to treat first-line advanced cutaneous melanoma and in a Phase 1/2 clinical trial in multiple tumor types. In addition, the company's products under development include IMC-R117C (PIWIL-1) that is in Phase 1/2 clinical trial for the treatment of advanced solid tumors, including colorectal cancer; IMC-P115C (PRAME-HLE-A02) that is in Phase 1 clinical trial for patients with tumors that express PRAME; IMC-M113V that is in Phase 1 clinical trials for a potential functional cure in human immunodeficiency virus (HIV); and IMC-I109V that is in Phase 1 clinical trials for a potential functional cure in hepatitis B virus (HBV). Further, it develops IMC-T119C, which is in preclinical trial for multiple solid tumor cancers; IMC-S118AI to treat type 1 diabetes; and IMC-U120AI to treat atopic dermatitis. Immunocore Holdings plc was founded in 1999 and is headquartered in Abingdon, the United Kingdom.
Visit Immunocore Holdings PLC WebsiteInvestment Thesis
Immunocore possesses a groundbreaking ImmTAX platform that enables targeting of previously 'undruggable' intracellular cancer antigens, validated by KIMMTRAK. Its robust oncology and infectious disease pipeline, particularly lead asset PRAME, positions it for significant market share capture in multi-billion dollar markets. Successful clinical readouts and sustained commercial execution of KIMMTRAK are key to unlocking 10x growth potential within 3-5 years.
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IMCR Price Targets & Strategy
12-Month Target
$95.00
Bull Case
$130.00
Bear Case
$35.00
Valuation Basis
Based on 15x estimated FY27 revenue of $200M (KIMMTRAK + pipeline) plus 25% probability-adjusted peak sales of $2.5B for lead pipeline assets, yielding a blended valuation of ~$5.0B, or ~$96/share.
Entry Strategy
Consider dollar-cost averaging on dips between $28-$32 (near recent support) or accumulation on positive pipeline news, especially around clinical trial readouts.
Exit Strategy
Take partial profits at $90-$100 and again at $125+. Implement a stop-loss at $25 to protect against significant pipeline setbacks.
Portfolio Allocation
5-10% for aggressive risk tolerance, 2-5% for moderate risk tolerance due to significant biotech specific risks.
Price Targets & Strategy
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Does IMCR Have a Competitive Moat?
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🛡️ Narrow
Moat Trend
Expanding
Moat Sources
1 Identified
The ImmTAX platform represents a significant technological barrier to entry, requiring deep scientific expertise and extensive R&D. Its durability is contingent on continued successful clinical development and expansion into new indications, consistently demonstrating superior efficacy or safety in unmet needs.
Moat Erosion Risks
- •Failure to translate early pipeline success into late-stage clinical approvals.
- •Emergence of next-generation TCR-T or T-cell engager therapies from competitors with improved profiles.
- •Patent challenges or expiry could erode intellectual property protection in the long term.
IMCR Competitive Moat Analysis
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IMCR Market Intelligence
Sentiment & Insider Activity
Social Sentiment
Bullish, fueled by the potential of the ImmTAX platform and anticipated pipeline catalysts.
Institutional Sentiment
Positive, with analysts maintaining Buy ratings and incrementally raising price targets following steady KIMMTRAK performance and pipeline updates.
Insider Activity (Form 4)
No significant insider buying or selling reported in the last 6 months, indicating stable confidence.
Options Flow
Normal options activity with a slight bullish bias, consistent with expectations for upcoming clinical data.
Earnings Intelligence
Next Earnings
Estimated Early May 2026 (for Q1 2026 results)
Surprise Probability
Medium
Historical Earnings Pattern
Stock typically exhibits significant volatility (±10-20%) around major clinical news or KIMMTRAK sales beats/misses, with less dramatic reactions to routine financial results unless guidance changes.
Key Metrics to Watch
Competitive Position
Top Competitor
ADAP (Adaptimmune Therapeutics PLC) - for direct comparison in the TCR-T cell therapy space.
Market Share Trend
Gaining market share in the niche uveal melanoma indication. Potential for significant share gains in broader solid tumor markets (e.g., melanoma, lung cancer) if PRAME succeeds.
Valuation vs Peers
Trades at a premium to some early-stage biotech peers due to its validated ImmTAX platform and approved product, but at a discount to established large-cap oncology players, reflecting its growth stage and pipeline risk.
Competitive Advantages
- •Proprietary ImmTAX platform targeting intracellular antigens (undruggable by conventional antibodies).
- •KIMMTRAK's first-in-class approval validates the platform and mechanism.
- •Extensive TCR library and expertise in TCR-based bispecifics.
Market Intelligence
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What Could Drive IMCR Stock Higher?
Near-Term (0-6 months)
- •Q1 2026 Earnings Report (Estimated Early May 2026)
- •PRAME Phase 2 data readout in advanced melanoma (Expected Q2/Q3 2026)
- •Updates on KIMMTRAK label expansion or new market approvals
Medium-Term (6-18 months)
- •Initiation of PRAME Phase 3 trial in advanced melanoma
- •Preclinical or early clinical data from novel ImmTAX programs (e.g., infectious diseases)
- •Potential strategic partnerships for pipeline assets
Long-Term (18+ months)
- •PRAME regulatory submission and approval in key markets
- •Expansion of ImmTAX platform into new therapeutic areas beyond oncology
- •Multiple ImmTAX products on the market generating significant revenue
Catalysts & Growth Drivers
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What's the Bull Case for IMCR?
- ✓
PRAME clinical trial updates (Phase 2/3 data readouts and regulatory progress)
- ✓
KIMMTRAK sales growth acceleration and guidance updates
- ✓
Announcements of new strategic partnerships or significant capital raises
Bull Case Analysis
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Competing with IMCR
See how Immunocore Holdings PLC compares to related companies
| Company | Market Cap | DVR Score | P/E | Revenue | Profit Margin | Rev Growth | |
|---|---|---|---|---|---|---|---|
Immunocore Holdings PLC IMCR | — | 8.0 | — | — | — | — | |
AbbVie Inc ABBV | $403.8B | 0.1 | 171.8 | — | — | — | Compare → |
Johnson & Johnson JNJ | — | 1.0 | — | — | — | — | Compare → |
Eli Lilly and Co LLY | $965.0B | 0.5 | 52.6 | — | — | — | Compare → |
Pfizer Inc PFE | $150.6B | 0.2 | 19.4 | $62.6B | 12.4% | -1.6% | Compare → |
UnitedHealth Group Inc UNH | $276.2B | 0.3 | 22.9 | $113.7B | 2.7% | 1181.0% | Compare → |
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FAQ
What is the DVR Score for Immunocore Holdings PLC (IMCR)?
As of March 27, 2026, Immunocore Holdings PLC has a DVR Score of 8.0 out of 10, placing it in the "Hidden Gem" category. This score is generated by our AI-powered deep value analysis framework that evaluates growth potential, financial health, competitive moat, and risk factors.
What ticker symbol does Immunocore Holdings PLC use?
IMCR is the ticker symbol for Immunocore Holdings PLC. The company trades on the NMS.
What is the risk level for IMCR stock?
Our analysis rates Immunocore Holdings PLC's overall risk as Aggressive. This assessment considers execution risk, market risk, financial risk, competitive risk, and regulatory risk. For a full breakdown, see the risk analysis section above.
How often is the IMCR DVR analysis updated?
Our AI-powered analysis of Immunocore Holdings PLC is refreshed regularly to incorporate the latest financial data, market conditions, and news. The most recent update was on March 27, 2026.
Important Disclaimer – Not Financial Advice
Deep Value Reports is an independent research platform for educational and informational purposes only. We are not financial advisors, investment advisors, or licensed professionals. The analysis, scores, and information provided on this page for IMCR (Immunocore Holdings PLC) should not be construed as personalized investment advice, a recommendation to buy or sell any security, or an offer to provide investment advisory services.
All investments involve risk, including the potential loss of principal. Past performance does not guarantee future results. Always conduct your own research, consider your financial situation, and consult with a qualified financial advisor before making any investment decisions.