Immunocore Holdings plc ADR Dossier
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SectorHealth Care IndustryBiotechnology Beta (adjusted)0.82 Intrinsic Value $50.72median of 2 methodsbased on filings through 30 Jun 2026 Market Price $30.54Price as of 1 Oct 2026 Significantly undervaluedIntrinsic value is 66% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% marker beyond scale (+66%) Data confidence Sign in to view data confidence Market Cap $1.6B Enterprise Value $1.5B Next Earnings Date12 Nov 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Immunocore Holdings plc is a commercial-stage biotechnology pioneer leading the development of T cell receptor (TCR) bispecific immunotherapies via its proprietary ImmTAX platform. The company's lead product, KIMMTRAK, has established a highly successful commercial foundation in metastatic uveal melanoma, generating $106.7 million in Q1 2026 net sales (14% YoY growth) and driving a swing to GAAP profitability with a diluted EPS of $0.25. With a robust cash position of $844.9 million, Immunocore is well-funded to advance its deep clinical pipeline. The year 2026 represents a highly data-rich catalyst period, highlighted by the anticipated Phase 3 TEBE-AM trial readout in second-line cutaneous melanoma and key Phase 1/2 data updates for its PRAME-targeted candidate, brenetafusp, in ovarian and lung cancers. The stock trades at a significant discount to its consensus price target, offering an attractive entry point for investors seeking exposure to a validated, commercial-stage oncology platform with expanding pipeline optionality. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$34.00 High · most bullish analyst$100.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario KIMMTRAK sales growth in uveal melanoma flattens due to market saturation. The Phase 3 TEBE-AM trial fails to meet its primary endpoints or shows a safety profile that limits its commercial viability in cutaneous melanoma. Brenetafusp combination data in ovarian and lung cancers is mixed or fails to show a meaningful benefit over standard of care, dampening enthusiasm for the PRAME franchise. High R&D expenses accelerate cash burn, forcing dilutive capital raises. Base CaseCentral scenario KIMMTRAK maintains steady commercial growth in metastatic uveal melanoma through deeper community penetration in the US and continued global launches. The Phase 3 TEBE-AM trial completes enrollment in 1H 2026 and delivers positive topline data in 2H 2026, validating KIMMTRAK's utility in cutaneous melanoma and expanding its addressable patient population. Brenetafusp combination trials in ovarian and lung cancers show encouraging efficacy signals, supporting further clinical development. The company manages its cash burn effectively, maintaining a runway of several years. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |