IMCR Stock Analysis: Immunocore Holdings | NASDAQ
Biotechnology | NASDAQ, USA | Market Cap: 1.610m USD | 12M Return: 3.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 15.0M
Qual. Beats: 1
Rev. Trend: 98.0%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 5.4 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Immunocore Holdings plc is a UK-headquartered biotechnology company (NASDAQ: IMCR) that develops and commercializes immunomodulating medicines for cancer, infectious diseases, and autoimmune conditions, with operations in the United States, Europe, and other international markets. The company was founded in 1999 and is based in Abingdon, United Kingdom, and has been listed on NASDAQ since its February 2021 IPO.
Its only approved product is KIMMTRAK, which is used to treat unresectable or metastatic uveal melanoma. The remainder of Immunocores value proposition is built around a clinical-stage pipeline, with multiple candidates in oncology (tebentafusp in Phase 3 for advanced cutaneous and adjuvant uveal melanoma; brenetafusp in Phase 3 for first-line cutaneous melanoma; IMC-R117C and IMC-P115C in early-stage solid tumor trials), infectious diseases (IMC-M113V for HIV and IMC-I109V for hepatitis B, both aimed at functional cures), and autoimmune disorders (IMC-S118AI for type 1 diabetes and IMC-U120AI for atopic dermatitis, both at the pre-investigation stage).
As a clinical-stage biotech with a single commercial product, Immunocore operates with a typical small-cap biopharma model in which revenue from the approved asset is reinvested into a broader pipeline spanning several therapeutic areas, exposing the business to the high R&D intensity, long development timelines, and binary clinical-trial risks common to the biotechnology sector.
- KIMMTRAK sales expansion drives recurring uveal melanoma revenue
- Tebentafusp Phase 3 cutaneous melanoma readout key catalyst
- Brenetafusp Phase 3 data in advanced cutaneous melanoma awaited
| Net Income: -18.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -0.78 > 1.0 |
| NWC/Revenue: 198.0% < 20% (prev 239.7%; Δ -41.69% < -1%) |
| CFO/TA -0.02 > 3% & CFO -24.9m > Net Income -18.8m |
| Net Debt (-351.6m) to EBITDA (6.24m): -56.35 < 3 |
| Current Ratio: 4.18 > 1.5 & < 3 |
| Outstanding Shares: last quarter (52.9m) vs 12m ago 1.90% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 36.74% > 50% (prev 32.45%; Δ 4.29% > 0%) |
| Interest Coverage Ratio: 0.27 > 6 (EBIT TTM 3.10m / Interest Expense TTM 11.5m) |
| A: 0.71 (Total Current Assets 1.00b - Total Current Liabilities 240.1m) / Total Assets 1.07b |
| B: -0.76 (Retained Earnings -818.3m / Total Assets 1.07b) |
| C: 0.00 (EBIT TTM 3.10m / Avg Total Assets 1.05b) |
| D: 0.58 (Book Value of Equity 393.7m / Total Liabilities 678.4m) |
| Altman-Z'' = 2.81 = A |
| DSRI: 1.11 (Receivables 81.1m/63.1m, Revenue 385.8m/333.6m) |
| GMI: 1.00 (GM 99.01% / 98.81%) |
| AQI: 0.57 (AQ_t 0.02 / AQ_t-1 0.03) |
| SGI: 1.16 (Revenue 385.8m / 333.6m) |
| TATA: 0.01 (NI -18.8m - CFO -24.9m) / TA 1.07b) |
| Beneish M = -3.08 (Cap -4..+1) = AA |
As of July 08, 2026, the stock is trading at USD 33.40 with a total of 1,195,695 shares traded. Over the past week, the price has changed by +9.80%, over one month by +20.19%, over three months by +4.51% and over the past year by +3.05%.
Current recommended Stop Loss: 29.90 (which is 10.5% or 2.7 ATR below the current price).
Immunocore Holdings has received a consensus analysts rating of 4.12. Therefore, it is recommended to buy IMCR.
- StrongBuy: 8
- Buy: 5
- Hold: 3
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 63.4 | 89.7% |
P/E Forward = 212.766
P/S = 3.8998
P/B = 4.0868
Revenue TTM = 385.8m USD
EBIT TTM = 3.10m USD
EBITDA TTM = 6.24m USD
Long Term Debt = 393.7m USD (from longTermDebt, last quarter)
Short Term Debt = 2.00m USD (from shortTermDebt, last quarter)
Debt = 477.7m USD (from shortLongTermDebtTotal, last quarter) + Leases 42.0m
Net Debt = -351.6m USD (calculated: Debt 477.7m - CCE 829.4m)
Enterprise Value = 1.26b USD (1.61b + Debt 477.7m - CCE 829.4m)
Interest Coverage Ratio = 0.27 (Ebit TTM 3.10m / Interest Expense TTM 11.5m)
EV/FCF = 282.0x (Enterprise Value 1.26b / FCF TTM 4.46m)
FCF Yield = 0.35% (FCF TTM 4.46m / Enterprise Value 1.26b)
FCF Margin = 1.16% (FCF TTM 4.46m / Revenue TTM 385.8m)
Net Margin = -4.88% (Net Income TTM -18.8m / Revenue TTM 385.8m)
Gross Margin = unknown ((Revenue TTM 385.8m - Cost of Revenue TTM 4.61m) / Revenue TTM)
Tobins Q-Ratio = 1.17 (Enterprise Value 1.26b / Total Assets 1.07b)
Interest Expense / Debt = 2.40% (Interest Expense 11.5m / Debt 477.7m)
Taxrate = 2.26% (300k / 13.3m)
NOPAT = 3.03m (EBIT 3.10m * (1 - 2.26%))
Current Ratio = 3.71 (Total Current Assets 1.00b / Total Current Liabilities 270.3m)
Debt / Equity = 1.21 (Debt 477.7m / totalStockholderEquity, last quarter 393.7m)
Debt / EBITDA = -56.35 (Net Debt -351.6m / EBITDA 6.24m)
Debt / FCF = -78.82 (Net Debt -351.6m / FCF TTM 4.46m)
Total Stockholder Equity = 389.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -1.79% (Net Income -18.8m / Total Assets 1.07b)
RoE = -4.83% (Net Income TTM -18.8m / Total Stockholder Equity 389.9m)
RoCE = 0.40% (EBIT 3.10m / Capital Employed (Equity 389.9m + L.T.Debt 393.7m))
RoIC = 0.37% (NOPAT 3.03m / Invested Capital 814.7m)
WACC = 6.31% (E(1.61b)/V(2.09b) * Re(7.49%) + D(477.7m)/V(2.09b) * Rd(2.40%) * (1-Tc(0.02)))
Discount Rate = 7.49% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 55.56 | Cagr: 3.60%
[DCF] Terminal Value 73.10% ; FCFF base≈7.60m ; Y1≈6.66m ; Y5≈5.38m
[DCF] Fair Price = 8.61 (EV 86.4m - Net Debt -351.6m = Equity 438.1m / Shares 50.9m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.52 | # QB: 1
Revenue Correlation: 98.02 | Revenue CAGR: 34.80% | SUE: -0.01 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.02 | Chg30d=+110.18% | Revisions=+40% | Analysts=11
EPS next Quarter (2026-09-30): EPS=-0.01 | Chg30d=+93.92% | Revisions=+40% | Analysts=11
EPS current Year (2026-12-31): EPS=0.14 | Chg30d=+2.50% | Revisions=-8% | GrowthEPS=+119.7% | GrowthRev=+11.8%
EPS next Year (2027-12-31): EPS=-0.62 | Chg30d=+7.30% | Revisions=+10% | GrowthEPS=-651.5% | GrowthRev=+8.8%
[Analyst] Revisions Ratio: +17% (up=12, down=8)