Reassessing Immunocore (IMCR) Valuation After Jefferies Conference Highlights on KIMMTRAK and PRAME Progress

Immunocore Holdings (IMCR) has been in focus after its Jefferies London Healthcare Conference update, where management walked investors through late stage progress for KIMMTRAK in cutaneous melanoma and its PRAME bispecific program.

See our latest analysis for Immunocore Holdings.

That conference update seems to have given the stock fresh energy, with a 1 month share price return of 13.76 percent contributing to a 27.80 percent year to date share price gain. However, the 3 year total shareholder return remains negative at 35.18 percent, suggesting momentum is rebuilding from a still cautious long term base.

If Immunocore’s story has you rethinking your biotech exposure, this could be a good moment to explore other healthcare names via healthcare stocks and see what else fits your strategy.

With shares still trading at a steep discount to Wall Street targets despite accelerating revenue and pipeline milestones, is Immunocore an underappreciated growth story, or has the market already accounted for its next leg of upside?

Most Popular Narrative Narrative: 38.7% Undervalued

Compared to Immunocore Holdings' last close at $38.11, the most followed narrative pegs fair value materially higher, implying substantial upside if its assumptions play out.

The increasing global incidence of cancer and rare diseases, coupled with an aging population, is expected to expand the total addressable market for Immunocore's therapies, positioning KIMMTRAK and future pipeline assets for sustained multi-year revenue growth.

Accelerated adoption of innovative immunotherapies and a rising willingness from payers to reimburse high-value biologics underpin Immunocore's pricing power and margin stability as products achieve broader penetration, particularly in new European and emerging markets.

Read the complete narrative.

Curious how a fast expanding market, rising margins, and a rich future earnings multiple can all coexist in one story? The key assumptions behind this gap between today’s price and that higher fair value are far from obvious. Want to see which revenue trajectory and profit shift are doing the heavy lifting in this calculation?

Result: Fair Value of $62.20 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, investors cannot ignore KIMMTRAK concentration and rising R&D spend, as slower uptake or trial setbacks could quickly erode the assumed upside.

Find out about the key risks to this Immunocore Holdings narrative.

Build Your Own Immunocore Holdings Narrative

If you see the story differently or want to stress test the numbers yourself, you can assemble a custom narrative in minutes: Do it your way.

A good starting point is our analysis highlighting 4 key rewards investors are optimistic about regarding Immunocore Holdings.

Ready for your next investing move?

Put your new perspective on Immunocore to work and explore your next ideas now, before other investors crowd into the most compelling opportunities.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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