Immunocore (NASDAQ:IMCR) Announces Earnings Results

Immunocore (NASDAQ:IMCR) announced its quarterly earnings data on Wednesday. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.32), FiscalAI reports. Immunocore had a negative net margin of 7.70% and a negative return on equity of 7.67%. The company had revenue of $104.48 million for the quarter, compared to analysts’ expectations of $145.48 million. During the same period last year, the firm earned ($0.47) earnings per share. Immunocore’s quarterly revenue was up 24.3% compared to the same quarter last year.

Here are the key takeaways from Immunocore’s conference call:

• KIMMTRAK delivered strong commercial performance in 2025 with $400 million in net revenue (up ~29% YoY), approval in 39 countries, launch in 30 markets, ~70% major-market penetration and a real‑world mean treatment duration of 14 months.
• Three registrational Phase 3 catalysts are underway: TEBE‑AM (second‑line cutaneous melanoma) is on track to complete enrollment H1 2026 with a planned overall‑survival readout as early as H2 2026, ATOM (adjuvant uveal melanoma) is active in Europe with U.S. sites planned in 2026, and PRISM‑MEL (brenetafusp) is advancing toward enrollment completion in 2027 after selecting the 160 µg dose.
• The company is expanding its PRAME franchise beyond melanoma into ovarian and non‑small cell lung cancer and is exploring a PRAME half‑life‑extended candidate in dose escalation, with additional data expected in the second half of 2026 that could inform next steps.
• Early non‑oncology programs showed encouraging signals: the HIV program demonstrated dose‑dependent antiviral effects and delayed viral rebound at higher doses, and a CTA for a type 1 diabetes candidate was filed with first‑in‑human dosing expected in H1 2026, but these remain early‑stage readouts.
• Management expects growth to moderate in 2026 and plans modestly higher R&D spend to support three Phase 3 trials; operating expenses rose in 2025 despite a strong balance sheet of approximately $864 million, which could pressure near‑term profitability if revenue growth slows.

Immunocore Price Performance

Immunocore stock traded up $0.03 during midday trading on Wednesday, reaching $33.71. The company had a trading volume of 180,394 shares, compared to its average volume of 448,235. The company has a debt-to-equity ratio of 0.99, a current ratio of 6.00 and a quick ratio of 5.97. Immunocore has a 12-month low of $23.15 and a 12-month high of $40.71. The company has a market capitalization of $1.70 billion, a P/E ratio of -59.11 and a beta of 0.78. The firm’s fifty day simple moving average is $33.70 and its 200-day simple moving average is $34.35.

Insider Activity

In other news, insider Leger Tina Amber St sold 1,000 shares of Immunocore stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $32.35, for a total value of $32,350.00. Following the sale, the insider directly owned 1,119 shares of the company’s stock, valued at $36,199.65. The trade was a 47.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Bahija Jallal sold 11,474 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $32.35, for a total value of $371,183.90. Following the completion of the transaction, the chief executive officer directly owned 12,343 shares of the company’s stock, valued at approximately $399,296.05. This represents a 48.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 19,137 shares of company stock worth $619,082 over the last quarter. 10.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunocore

Several large investors have recently bought and sold shares of the business. Arax Advisory Partners boosted its holdings in shares of Immunocore by 302.9% during the 4th quarter. Arax Advisory Partners now owns 1,386 shares of the company’s stock worth $48,000 after purchasing an additional 1,042 shares during the last quarter. Osaic Holdings Inc. grew its holdings in Immunocore by 117.4% in the 2nd quarter. Osaic Holdings Inc. now owns 3,148 shares of the company’s stock valued at $97,000 after buying an additional 1,700 shares in the last quarter. State of Tennessee Department of Treasury acquired a new position in shares of Immunocore during the 2nd quarter valued at about $132,000. Federation des caisses Desjardins du Quebec raised its stake in Immunocore by 162.1% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 5,478 shares of the company’s stock worth $190,000 after purchasing an additional 3,388 shares during the period. Finally, Cetera Investment Advisers acquired a new stake in shares of Immunocore during the 4th quarter worth approximately $203,000. Hedge funds and other institutional investors own 84.50% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on IMCR shares. HC Wainwright reiterated a “buy” rating and issued a $100.00 target price on shares of Immunocore in a research report on Wednesday, February 4th. UBS Group set a $55.00 price objective on shares of Immunocore and gave the company a “buy” rating in a report on Wednesday, January 7th. Mizuho set a $38.00 target price on shares of Immunocore in a research report on Thursday, February 19th. Wells Fargo & Company started coverage on Immunocore in a research report on Friday, October 31st. They set an “overweight” rating and a $60.00 price target on the stock. Finally, Wall Street Zen cut Immunocore from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Immunocore presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.90.

About Immunocore

Immunocore plc is a clinical‐stage biotechnology company focused on the development of novel immunotherapies that harness the body’s own T‐cell response to treat cancer and infectious diseases. The company’s proprietary ImmTAC (immune mobilising monoclonal T‐cell receptors against cancer) platform utilizes engineered, soluble T‐cell receptor (TCR) molecules designed to recognise intracellular peptide–HLA complexes. By redirecting and activating T cells against disease‐associated targets, Immunocore aims to address malignancies and persistent viral infections with high unmet medical need.

The company’s most advanced candidate, tebentafusp, is a bispecific ImmTAC molecule that targets gp100, a melanoma‐associated antigen, and has received regulatory approval for the treatment of metastatic uveal melanoma.