Immunocore Holdings plc

NasdaqGS:IMCR Stock Report

Market Cap: US$1.4b

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 ($28.33) is trading below our estimate of fair value ($104.29)

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 Ratio4.8x
SalesUS$296.31m
Market CapUS$1.42b

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 Average10.8x
KNSA Kiniksa Pharmaceuticals International
3.9x17.4%US$1.5b
MNKD MannKind
7.1x13.8%US$1.9b
RXRX Recursion Pharmaceuticals
26.5x16.7%US$1.7b
AUPH Aurinia Pharmaceuticals
5.9x17.3%US$1.3b
IMCR Immunocore Holdings
4.8x14.1%US$1.4b

Price-To-Sales vs Peers: IMCR is good value based on its Price-To-Sales Ratio (4.8x) compared to the peer average (10.8x).

Price to Sales Ratio vs Industry

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

134 CompaniesPrice / SalesEstimated GrowthMarket Cap
BIIB Biogen
2.2x1.3%US$21.34b
MRNA Moderna
3x5.8%US$15.16b
INCY Incyte
3.3x8.9%US$13.26b
ALKS Alkermes
3.2x-0.7%US$4.81b
IMCR 4.8xIndustry Avg. 9.9xNo. of Companies134PS01632486480+
134 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IMCR is good value based on its Price-To-Sales Ratio (4.8x) compared to the US Biotechs industry average (9.9x).

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 Ratio4.8x
Fair PS Ratio3.3x

Price-To-Sales vs Fair Ratio: IMCR is expensive based on its Price-To-Sales Ratio (4.8x) compared to the estimated Fair Price-To-Sales Ratio (3.3x).

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$28.33
US$62.38
+120.2%
34.1%US$97.07US$23.23n/a14
Dec ’25US$32.74
US$66.54
+103.2%
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$60.94US$32.7417
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

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/23 04:02
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Immunocore Holdings plc is covered by 22 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jack AllenBaird
Peter LawsonBarclays
Olga SmolentsevaBryan Garnier & Co