Immunocore Gains Analyst Backing as Late-Stage Trials Loom
Immunocore Holdings plc (NASDAQ: IMCR), a clinical-stage biotechnology company pioneering T cell receptor (TCR) bispecific therapies, is attracting significant analyst attention as it advances two major late-stage clinical programs. The focus underscores a belief that the market may be undervaluing the company's pipeline beyond its first approved asset.
On January 21, H.C. Wainwright analyst Patrick Trucchio reaffirmed a Buy rating on Immunocore, setting a price target of $100. This followed an initiation by UBS on January 6 with a Buy rating and a $55 target. The UBS team argued the stock is currently trading near the value of its commercialized drug, Kimmtrak (tebentafusp), for a rare eye cancer. This valuation, they suggest, assigns minimal value to two imminent Phase 3 trials, which could serve as major catalysts.
"The market appears to be giving Immunocore little credit for its near-term pipeline," noted a UBS research report. "Positive data from either of these two trials could drive the stock 25% to 50% higher and potentially add $300 to $400 million in annual sales."
The trials in focus are for second-line use of Kimmtrak in metastatic cutaneous melanoma (the TEBE-AM trial), with data expected in late 2026 or early 2027, and a first-line therapy targeting PRAME, with data anticipated in late 2027 or 2028. Immunocore's platform, ImmTAX, is designed to redirect the immune system to precisely target and eliminate diseased cells.
The analyst optimism reflects a broader trend of investors scrutinizing biotech firms with validated platforms and clear, near-term data readouts. For Immunocore, the coming years are pivotal in translating its TCR technology into broader oncology applications.
Investor Perspectives
David Chen, Portfolio Manager at a Healthcare Fund: "This is a classic 'platform vs. single asset' valuation debate. Immunocore has proven its science can yield an approved drug. The upside will come from demonstrating that platform's utility in larger cancer indications. The 2026-2028 timeline sets a clear horizon."
Dr. Anya Sharma, Oncology Researcher: "The scientific rationale is strong. Redirecting T cells via TCRs offers a precision that antibodies sometimes lack. The melanoma trial is the logical next step for Kimmtrak. However, the PRAME target is highly ambitious and competitive—success there would be transformative."
Marcus Reed, Retail Investor: "Analysts love to hype these 'catalysts' years out to keep the story alive. $100 target? That's pure fantasy right now. Retail investors get sucked into waiting for these binary events while the stock trades sideways. Show me the sales growth now, not promises for 2027."
Sarah Jennings, Biotech Venture Capitalist: "The reiterated buys signal confidence in management's execution. In this funding environment, a company with an approved product funding its own pipeline is relatively derisked. The trials are de-risking milestones for the platform's breadth."