Immunocore Holdings plc

NasdaqGS:IMCR Stock Report

Market Cap: US$1.6b

Immunocore Holdings Valuation

Is IMCR undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of IMCR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IMCR ($32.28) is trading below our estimate of fair value ($108.88)

Significantly Below Fair Value: IMCR is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for IMCR?

Key metric: As IMCR is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for IMCR. This is calculated by dividing IMCR's market cap by their current revenue.
What is IMCR's PS Ratio?
PS Ratio5.5x
SalesUS$296.31m
Market CapUS$1.61b

Price to Sales Ratio vs Peers

How does IMCR's PS Ratio compare to its peers?

The above table shows the PS ratio for IMCR vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average18.6x
KNSA Kiniksa Pharmaceuticals International
4x17.4%US$1.5b
BCYC Bicycle Therapeutics
38.4x57.0%US$1.4b
MNKD MannKind
7.1x13.9%US$1.9b
RXRX Recursion Pharmaceuticals
25.1x16.7%US$1.6b
IMCR Immunocore Holdings
5.5x13.9%US$1.6b

Price-To-Sales vs Peers: IMCR is good value based on its Price-To-Sales Ratio (5.5x) compared to the peer average (18.6x).

Price to Sales Ratio vs Industry

How does IMCR's PS Ratio compare vs other companies in the US Biotechs Industry?

129 CompaniesPrice / SalesEstimated GrowthMarket Cap
GILD Gilead Sciences
4x2.4%US$111.86b
BIIB Biogen
2.4x1.3%US$23.03b
MRNA Moderna
3.1x6.8%US$14.72b
INCY Incyte
3.4x8.9%US$13.56b
IMCR 5.5xIndustry Avg. 9.6xNo. of Companies129PS01632486480+
129 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IMCR is good value based on its Price-To-Sales Ratio (5.5x) compared to the US Biotechs industry average (9.6x).

Price to Sales Ratio vs Fair Ratio

What is IMCR's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

IMCR PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.5x
Fair PS Ratio3.4x

Price-To-Sales vs Fair Ratio: IMCR is expensive based on its Price-To-Sales Ratio (5.5x) compared to the estimated Fair Price-To-Sales Ratio (3.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst IMCR forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$32.28
US$66.58
+106.2%
29.5%US$98.42US$23.56n/a14
Nov ’25US$31.70
US$75.45
+138.0%
22.9%US$99.67US$24.01n/a14
Oct ’25US$31.21
US$82.46
+164.2%
11.5%US$100.59US$68.24n/a15
Sep ’25US$35.88
US$83.26
+132.0%
11.2%US$99.87US$67.75n/a16
Aug ’25US$39.62
US$85.22
+115.1%
9.7%US$100.67US$66.05n/a16
Jul ’25US$36.43
US$85.41
+134.4%
8.7%US$100.05US$70.42n/a16
Jun ’25US$48.98
US$86.48
+76.6%
8.4%US$100.02US$70.16n/a16
May ’25US$59.05
US$84.00
+42.3%
9.9%US$92.90US$62.54n/a17
Apr ’25US$62.94
US$85.16
+35.3%
9.5%US$93.09US$63.64n/a16
Mar ’25US$67.41
US$83.41
+23.7%
11.0%US$91.93US$60.61n/a16
Feb ’25US$75.21
US$81.84
+8.8%
11.6%US$94.82US$60.85n/a17
Jan ’25US$68.32
US$82.94
+21.4%
11.9%US$95.20US$61.10n/a17
Dec ’24US$52.64
US$82.85
+57.4%
11.9%US$94.96US$60.94n/a17
Nov ’24US$45.37
US$80.87
+78.2%
8.5%US$90.23US$64.22US$31.7016
Oct ’24US$51.90
US$79.39
+53.0%
8.8%US$88.17US$64.36US$31.2115
Sep ’24US$57.27
US$81.58
+42.4%
9.0%US$91.43US$66.74US$35.8814
Aug ’24US$66.60
US$80.84
+21.4%
9.7%US$92.65US$65.73US$39.6213
Jul ’24US$59.96
US$81.62
+36.1%
8.3%US$92.74US$73.11US$36.4312
Jun ’24US$55.05
US$79.26
+44.0%
9.6%US$91.40US$64.47US$48.9813
May ’24US$58.34
US$80.44
+37.9%
10.4%US$95.61US$64.77US$59.0513
Apr ’24US$49.44
US$80.90
+63.6%
10.6%US$94.83US$64.25US$62.9413
Mar ’24US$54.05
US$80.08
+48.2%
9.5%US$91.99US$65.82US$67.4110
Feb ’24US$62.41
US$81.16
+30.0%
11.2%US$94.61US$66.06US$75.2110
Jan ’24US$57.07
US$78.44
+37.5%
10.3%US$92.09US$64.04US$68.3210
Dec ’23US$59.98
US$75.76
+26.3%
22.0%US$93.43US$35.03US$52.6410
Nov ’23US$56.87
US$71.11
+25.0%
20.8%US$84.65US$32.82US$45.379

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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