Deutsche Bank Starts Immunocore Holdings (IMCR) at Buy

Deutsche Bank analyst James Shin initiates coverage on Immunocore Holdings (NASDAQ: IMCR) with a Buy rating and a price target of $65.00.

The analyst comments: "Believing is Seeing for IMCR’s ImmTAX (Immune Mobilizing Monoclonal TCRs Against X disease) platform – Initiating with a Buy at DCF based price target of $65/sh. Tebentafusp (aka KIMMTRAK) established itself as the standard of care (SOC) for HLA-A*02+ 1L metastatic Uveal Melanoma (mUM) with its OS benefit. Uniquely, ORR and PFS were not very differentiated, which goes to show that current radiological techniques and RECIST criteria are not apt at reflecting IMCR’s ImmTAC platform potential to reduce ctDNA and provide overall survival (OS) benefit. As for IMCR’s stock, we think current valuation offers a favorable risk/reward where Tebentafusp’s niche in 1L mUM provides a foundation / floor valuation and duration - per IMCR’s 2024 10K, it seems Teben’s patent is likely to be extended to 2035. We see Teben’s expansion into 2L+ Cutaneous Melanoma (mCM) providing upside - Ph3 data in 2H26. Acknowledge 2L+ CM is distinct from mUM, but it does look Teben’s disease control rate is showing signs of improved Overall Survival rates (1-year rate of 75% vs 55% for SOC). We also think Brenentafusp (PRAME x CD3) has some modest potential to expand IMCR’s reach into Platinum Resistant Ovarian Cancer (PROC) in 2026. We’re less sanguine on Brene’s 1L CM opportunity given the high dataset bar set by BMY and REGN."

For an analyst ratings summary and ratings history on Immunocore Holdings click here. For more ratings news on Immunocore Holdings click here.

Shares of Immunocore Holdings closed at $31.16 yesterday.

You May Also Be Interested In

• Stripe, Advent In Talks To Buy Paypal - WSJ
• Full Circle Lithium closes $5.14M private placement
• Boeing lands two U.S. defense contracts worth over $711M