Immunocore (NASDAQ:IMCR) Shares Up 8% – Here’s Why

Immunocore Holdings PLC Sponsored ADR (NASDAQ:IMCR)’s stock price was up 8% during trading on Tuesday. The company traded as high as $31.93 and last traded at $32.2390. 294,413 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 454,604 shares. The stock had previously closed at $29.84.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IMCR. Mizuho increased their price objective on shares of Immunocore from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Zacks Research cut shares of Immunocore from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. TD Cowen raised Immunocore to a “strong-buy” rating in a research report on Monday, August 24th. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunocore in a research note on Monday, July 13th. Finally, Wall Street Zen lowered Immunocore from a “buy” rating to a “hold” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Immunocore has an average rating of “Moderate Buy” and an average target price of $56.38.

Immunocore Price Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 4.44 and a current ratio of 4.47. The business has a 50 day simple moving average of $33.01 and a 200-day simple moving average of $31.63. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -86.69 and a beta of 0.81.

Immunocore (NASDAQ:IMCR) last posted its quarterly earnings data on Friday, August 7th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.01) by ($0.01). Immunocore had a negative return on equity of 4.54% and a negative net margin of 4.20%. Equities research analysts expect that Immunocore Holdings PLC Sponsored ADR will post 0.06 earnings per share for the current year.

Hedge Funds Weigh In On Immunocore

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Janus Henderson Group PLC raised its position in Immunocore by 30.9% in the first quarter. Janus Henderson Group PLC now owns 594,712 shares of the company’s stock worth $17,919,000 after acquiring an additional 140,308 shares during the period. Braidwell LP purchased a new position in shares of Immunocore during the 2nd quarter valued at $16,552,000. Renaissance Technologies LLC grew its stake in shares of Immunocore by 16.4% during the 1st quarter. Renaissance Technologies LLC now owns 164,000 shares of the company’s stock worth $4,945,000 after acquiring an additional 23,100 shares during the period. Public Employees Retirement System of Ohio bought a new position in shares of Immunocore during the 2nd quarter worth $2,145,000. Finally, Stempoint Capital LP purchased a new stake in Immunocore in the 1st quarter worth about $1,916,000. 84.50% of the stock is owned by hedge funds and other institutional investors.

About Immunocore

Immunocore Holdings plc is a biotechnology company that develops T cell receptor (TCR) therapies designed to treat cancer and other serious diseases. Its ImmTAC platform uses engineered TCRs to recognize disease-associated peptides presented on the surface of cells and redirect the patient’s T cells to destroy those cells.

The company’s lead product, KIMMTRAK (tebentafusp-tebn), is a bispecific TCR therapy approved in the United States and Europe for certain adults with unresectable or metastatic uveal melanoma, a rare form of eye cancer.