Immunocore Holdings PLC Sponsored ADR (IMCR) closed the last trading session at $30.40, gaining 5.2% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $64.79 indicates an 113.1% upside potential.The average comprises 14 short-term price targets ranging from a low of $24 to a high of $100, with a standard deviation of $23.28. While the lowest estimate indicates a decline of 21.1% from ...

KIMMTRAK Performance and Market Potential - KIMMTRAK Q1-Q3 2024 net sales reached $226M, with potential to help up to 6K patients per year in the US and Europe[11] - KIMMTRAK has been launched in 45 countries as of December 31, 2024, with Q1-Q3 2024 net revenue from these launches[13] - KIMMTRAK active in cutaneous melanoma (CM) with Phase 1/2 study showing durable disease control in patients who progressed on prior anti-PD1 therapy[15] - KIMMTRAK's dosing frequency in CM patients shows durable response regardless of time since last dose of anti-PD1 therapy[15] - KIMMTRAK (tebentafusp) is being evaluated in a Phase 3 trial for adjuvant uveal melanoma, targeting ~1,200 patients[47] - The company's preliminary, unaudited year-end cash position is $820M, with $226M in commercial revenues from KIMMTRAK[43] Clinical Trials and Pipeline Development - TEBE-AM Phase 3 trial in 2L+ cutaneous melanoma targets a market opportunity of up to 4,000 patients, with expected enrollment completion in 1H 2026[18][19] - ATOM Phase 3 trial for KIMMTRAK in adjuvant uveal melanoma shows 88% ctDNA reduction in 1st line treatment and 71% in 2nd+ line treatment[21] - HIV STRIVE Phase 1 trial for IMC-M113V has enrolled 15 people living with HIV (PLWH) as of June 2024, with biologically active dose reached and Phase 1 MAD data planned for 1Q 2025[30] - Immunocore's pipeline includes candidates across oncology, autoimmune diseases, and infectious diseases, with multiple Phase 1/2 and Phase 3 trials ongoing[6][7] - PRISM-MEL-301, a Phase 3 trial for first-line advanced cutaneous melanoma, is enrolling ~10,000 HLA-A02+ patients annually in the US and Europe[72] - The company is evaluating brenetafusp in combination with standard-of-care therapies for ovarian and NSCLC, with enrollment expected in 2025[54] - PRAME franchise expansion opportunities include HLE and A24 programs, with IND/Phase 1 trials planned[54] Therapeutic Potential and Innovation - Immunocore's TCR therapeutics can target >90% of the human proteome, offering a broad therapeutic potential[5] - Immunocore's vision for autoimmunity includes tissue-specific downmodulation of the immune system, aiming to suppress activation only in inflamed tissues[33] - IMC-S118AI for type 1 diabetes (T1D) is expected to submit CTN for Phase 1 trial by end of 2025, targeting 160,000 newly diagnosed T1D patients annually in the US and EU5[35] - IMC-U120AI is a non-HLA restricted bispecific candidate for dermatology, addressing a broader patient population beyond HLA-A02[43] - PRAME-A02-HLE targets 20,000 PIWIL+ CRC patients, expanding the addressable patient population[43] Brenetafusp Clinical Data - Brenetafusp monotherapy in cutaneous melanoma showed a median H-score of 215 for PRAME expression, with 89% of patients being PRAME positive[58] - Brenetafusp monotherapy demonstrated a durable disease control rate (DCR) of 58% in PRAME+ patients, with a median progression-free survival (mPFS) of 3.7 months[69] - Median age of patients in monotherapy group is 63 years (range 40-80) and in chemo combo group is 65 years (range 47-72)[75] - 51% of monotherapy patients had ECOG PS 0, compared to 25% in chemo combo group[75] - 94% of monotherapy patients were PRAME positive, while 81% in chemo combo group were PRAME positive[75][77] - Disease Control Rate (DCR) for monotherapy was 58% with a median Progression-Free Survival (mPFS) of 3.3 months[82] - 6-month Overall Survival (OS) rate for monotherapy was 73%[82] - Treatment-related adverse events (TRAE) occurred in 97% of monotherapy patients and 100% of chemo combo patients[78] - Grade 3/4 TRAE were reported in 19% of monotherapy patients and 50% of chemo combo patients[78] - Cytokine Release Syndrome (CRS) was observed in 57% of monotherapy patients and 75% of chemo combo patients[78] - ALT increased in 11% of monotherapy patients and 50% of chemo combo patients[78] - AST increased in 5% of monotherapy patients and 50% of chemo combo patients[78]

Strategic Priorities for 2025 - The company aims to expand access to KIMMTRAK for metastatic uveal melanoma (mUM) patients globally through additional launches and increased community penetration, building on 38 country approvals and 23 launches as of year-end 2024 [1][7] - Three Phase 3 trials are enrolling across multiple melanoma indications, with the first topline results expected in 2026, potentially addressing up to 15,000 additional patients across three new melanoma indications [1][8] - The company plans to present initial HIV Phase 1 MAD data in Q1 2025 and advance autoimmune candidates, including a CTA submission for a Type 1 diabetes candidate in 2025 [1][6][15] Melanoma Franchise Expansion - KIMMTRAK, the world's first bispecific TCR therapy, is available in 23 countries, with ongoing Phase 3 trials in melanoma and a brenetafusp Phase 3 trial in first-line melanoma [4][7] - The company is enrolling patients in three registrational Phase 3 trials: TEBE-AM, PRISM-MEL-301, and ATOM, targeting up to 4,000, 10,000, and 1,200 patients respectively [12] - The company will continue to highlight three-year overall survival data for KIMMTRAK in launched countries [7] Clinical Portfolio Advancements - The company is enrolling patients in multiple Phase 1/2 trials, including brenetafusp combinations in ovarian and lung cancer, and dose escalation trials with IMC-R117C (PIWIL1) and IMC-P115C (PRAME-A02-HLE) [1][9][10] - A Phase 1/2 trial is evaluating brenetafusp in platinum-resistant ovarian cancer (PROC) and platinum-sensitive ovarian cancer (PSOC), as well as in metastatic non-small cell lung cancer (NSCLC) cohorts [9] - The company is also enrolling patients in a Phase 1 trial with IMC-P115C (PRAME-A02-HLE) in multiple solid tumors, designed to reduce treatment administration frequency [10] Infectious Diseases Pipeline - The company is enrolling people living with HIV (PLWH) in the Phase 1 MAD trial with IMC-M113V, aiming to identify a safe dosing schedule and explore higher doses for a potential functional cure [5][12] - Initial data from the Phase 1 trial with IMC-I109V for hepatitis B virus (HBV) will be presented in 2025 [5] Autoimmune Diseases Innovation - The company is advancing two autoimmune candidates: IMC-S118AI (PPI x PD1) for Type 1 diabetes, with a CTA submission planned for 2025, and IMC-U120AI (CD1a x PD1) for atopic dermatitis, with a CTA submission planned for 2026 [6][15][16] - IMC-U120AI is the company's first non-HLA restricted candidate, targeting CD1a for atopic dermatitis and potentially other immune diseases [16] Corporate Updates - Travis Coy was appointed Executive Vice President, Chief Financial Officer, and Head of Corporate Development in January 2025, bringing over 20 years of experience from Eli Lilly and Company [17] - The company's preliminary unaudited cash position as of December 31, 2024, was approximately $820 million, with final financial results to be reported in late February 2025 [18] Technology and Platform Overview - The company's ImmTAC platform generates bispecific biologics designed to redirect the immune system to recognize and kill cancerous cells, with potential applications in hematologic and solid tumors [20] - ImmTAV molecules target virally infected cells, aiming for functional cures in HIV and HBV [21][22] - ImmTAAI molecules are designed for tissue-specific immune modulation, with candidates in development for Type 1 diabetes and inflammatory dermatological diseases [23]

Company Overview - Immunocore is a commercial-stage biotechnology company pioneering the development of a novel class of TCR bispecific immunotherapies called ImmTAX, designed to treat a broad range of diseases including cancer, autoimmune, and infectious diseases [4] - The company leverages its proprietary ImmTAX platform to develop a deep pipeline in multiple therapeutic areas, including five clinical stage programs in oncology and infectious disease, advanced pre-clinical programs in autoimmune disease, and multiple earlier pre-clinical programs [4] - Immunocore's most advanced oncology TCR therapeutic, KIMMTRAK, has been approved for the treatment of HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in the United States, European Union, Canada, Australia, and the United Kingdom [4] Upcoming Event - Immunocore management will participate in a presentation at the 43rd Annual J P Morgan Healthcare Conference in San Francisco, California, scheduled for Wednesday, January 15, 2025, at 8:15 a m Pacific Standard Time (PST) [2][3] - The presentation will be webcast live and accessible via the "Events & Presentations" section under "Investors" on Immunocore's website, with a replay available for a limited time following the event [3]

Immunocore's IMC-P115C Phase 1 Trial - Immunocore has dosed the first patient in the Phase 1 trial of IMC-P115C, a half-life extended (HLE) ImmTAC candidate targeting PRAME-expressing tumors [6] - IMC-P115C is designed with the same CD3 effector and TCR specificity as brenetafusp, but with an extended half-life [6] - The Phase 1 trial will evaluate safety, pharmacokinetics, and clinical activity in HLA-A*02:01-positive patients with advanced solid tumors expressing PRAME [6][7] IMC-P115C Development and Mechanism - IMC-P115C is Immunocore's first half-life extended candidate and the sixth ImmTAC candidate to enter clinical trials [2] - It is a PRAME x CD3 ImmTAC bispecific protein targeting the same HLA-A*02:01 PRAME peptide as brenetafusp [2] - The trial aims to assess preliminary anti-tumor activity and pharmacokinetics of IMC-P115C [8] ImmTAC Technology Overview - Immunocore's ImmTAC molecules are bispecific biologics designed to redirect the immune system to recognize and kill cancerous cells [3] - These molecules use engineered soluble TCRs to recognize intracellular cancer antigens with ultra-high affinity and selectively kill cancer cells via an anti-CD3 immune-activating effector function [3] - The ImmTAC mechanism has potential to treat both hematologic and solid tumors, including immune "cold" low mutation rate tumors [3] Immunocore's Pipeline and Focus - Immunocore is a commercial-stage biotechnology company developing TCR bispecific immunotherapies called ImmTAX for cancer, autoimmune diseases, and infectious diseases [4] - The company has a deep pipeline with nine active clinical and pre-clinical programs across multiple therapeutic areas [9] - Its most advanced oncology TCR therapeutic, KIMMTRAK, is approved for unresectable or metastatic uveal melanoma in several regions [9] Clinical Development and Future Prospects - The Phase 1 trial of IMC-P115C builds on the largest Phase 1/2 PRAME dataset from brenetafusp, which served as the basis for the first Phase 3 trial with a PRAME therapy [7] - Immunocore aims to expand the understanding of PRAME candidates through this trial [7] - The company continues to pioneer transformative immunomodulating medicines for cancer, infectious diseases, and autoimmune diseases [6]

Clinical Trial and Drug Development - Immunocore has initiated a Phase 1/2 trial for IMC-R117C, targeting PIWIL1 in advanced cancers, including colorectal cancer, marking the first immunotherapy program to target this cancer-testis antigen [1][2] - IMC-R117C is the fifth ImmTAC candidate from Immunocore to enter clinical trials, with PIWIL1 being overexpressed in multiple malignancies, including colorectal cancer, and associated with aggressive tumor growth and poor patient survival [2] - The trial will evaluate IMC-R117C as a monotherapy and in combination with standard therapies, focusing on HLA-A*02:01-positive patients with advanced solid tumors [4][6] Market and Patient Population - Immunocore estimates that up to 20,000 colorectal cancer patients globally are positive for both PIWIL1 and HLA-A*02:01, highlighting a significant unmet medical need in this patient population [3] - Colorectal cancer remains one of the most prevalent cancers, with low survival rates for advanced or metastatic cases, despite advancements in treatment [7] Technology and Mechanism of Action - Immunocore's ImmTAC molecules are a novel class of bispecific biologics designed to redirect the immune system to recognize and kill cancerous cells, leveraging ultra-high affinity TCRs to target intracellular cancer antigens [5] - The ImmTAC platform has the potential to treat both hematologic and solid tumors, including immune "cold" tumors with low mutation rates, due to its mechanism of T cell infiltration into tumors [5] Company Overview - Immunocore is a commercial-stage biotechnology company focused on developing TCR bispecific immunotherapies, with a pipeline that includes nine active clinical and pre-clinical programs across oncology, infectious diseases, and autoimmune diseases [9] - The company's most advanced oncology therapeutic, KIMMTRAK, has been approved for the treatment of uveal melanoma in multiple regions, including the United States and the European Union [9]

Morgan Stanley Analyst Actions - Morgan Stanley downgraded Amicus Therapeutics Inc FOLD to Equal-weight from Overweight and lowered the price target from $17 to $12 [2] - The analyst noted that Amicus is well-positioned but expectations are largely priced into shares [1] - Investors are shifting focus to the company's next leg of growth, with potential updates to the pipeline in 2025 and beyond [2] Immunocore Holdings plc IMCR Analysis - Morgan Stanley lowered the price target for Immunocore Holdings plc IMCR from $74 to $35 due to disappointing data for brenetafusp in cutaneous melanoma and ovarian cancer [3] - The analyst continues to give full credit for Kimmtrak (tebentafusp), which was approved for unresectable or metastatic uveal melanoma [3] - Limited upside potential is seen from additional brenetafusp updates as the company detects signals in metastatic NSCLC and combination in earlier-line NSCLC [4] Immuneering Corp IMRX Analysis - Morgan Stanley downgraded Immuneering Corp IMRX shares to Underweight from Equal-weight and set a base case range of $1 to $5 versus the previous target of $4 [5] - The analyst supports Immuneering's strategy of targeting the MAPK pathway but notes stronger investment opportunities in the coverage on a relative basis [5] - Early clinical results are promising but more robust data with a larger patient pool is needed to confirm outcomes [6] Stock Price Movements - IMRX stock is down 18% at $1 615 [6] - IMCR stock is down 5 89% at $28 53 [6] - FOLD stock is down 6 70% at $9 47 [6]

Zacks Rank Upgrade and Earnings Estimates - Immunocore Holdings PLC Sponsored ADR (IMCR) has been upgraded to a Zacks Rank 1 (Strong Buy), reflecting an upward trend in earnings estimates, which is a powerful force impacting stock prices [1] - The Zacks rating system relies on changes in a company's earnings picture, tracking EPS estimates for the current and following years through the Zacks Consensus Estimate [2] - The upgrade to a Zacks Rank 1 indicates a positive earnings outlook for Immunocore, which could favorably impact its stock price [3] Earnings Estimate Revisions and Stock Price Movement - Changes in a company's future earnings potential, reflected in earnings estimate revisions, are strongly correlated with near-term stock price movements [4] - Institutional investors use earnings estimates to calculate the fair value of a company's shares, and revisions in these estimates lead to buying or selling, causing stock price movements [4] - Rising earnings estimates and the consequent rating upgrade for Immunocore imply an improvement in the company's underlying business, which investors may reward by pushing the stock higher [5] Zacks Rank System and Historical Performance - The Zacks Rank system classifies stocks into five groups based on four factors related to earnings estimates, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7] - Immunocore's placement in the top 5% of Zacks-covered stocks, with a Zacks Rank 1, indicates superior earnings estimate revisions, making it a strong candidate for market-beating returns [10][11] Immunocore's Earnings Estimate Revisions - Immunocore is expected to earn -$0.94 per share for the fiscal year ending December 2024, representing a year-over-year change of 16.8% [8] - Over the past three months, the Zacks Consensus Estimate for Immunocore has increased by 43.7%, reflecting steady upward revisions by analysts [8] Zacks Rank System's Unique Approach - Unlike Wall Street analysts' rating systems, which tend to be overly optimistic, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings across its universe of over 4,000 stocks [9] - Only the top 5% of Zacks-covered stocks receive a 'Strong Buy' rating, and the next 15% receive a 'Buy' rating, making the Zacks Rank system a reliable indicator of superior earnings estimate revisions [9][10]

Stocks Added to Zacks Rank 1 (Strong Buy) List - NB Bancorp Inc (NBBK): The bank holding company for Needham Bank has seen an 11% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Omnicell Inc (OMCL): The medication management solutions provider has experienced a 20% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - ZIM Integrated Shipping Services Ltd (ZIM): The container shipping provider has seen a 35.7% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Immunocore Holdings plc (IMCR): The biotechnology company has experienced a 47.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - UL Solutions Inc (ULS): The safety science services provider has seen a 7.4% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

KIMMTRAK Reimbursement Agreement - KIMMTRAK (tebentafusp) has been recommended for funding through the NHS in England by NICE for the treatment of HLA-A*02:01-positive adults with unresectable or metastatic uveal melanoma [1] - This recommendation overturns the initial negative decision by NICE in May 2023, which the company successfully appealed in December 2023 [2] - KIMMTRAK is now funded on the NHS in England as of 02 December 2024 [4] Impact on Patients and Medical Community - KIMMTRAK is the first therapy to improve survival for HLA-A*02:01-positive metastatic or unresectable uveal melanoma, marking a major step forward for patients and their families [3] - Uveal melanoma is a very rare form of melanoma requiring different clinical management, and the option to prescribe tebentafusp represents a significant advancement for patients [3] - The recommendation highlights the power of collaboration between patients, advocates, and medical experts in advancing care for ocular melanoma [4] About KIMMTRAK and Uveal Melanoma - KIMMTRAK is a novel bispecific protein targeting gp100, a lineage antigen expressed in melanocytes and melanoma, developed using Immunocore's ImmTAC technology platform [6] - Uveal melanoma is a rare and aggressive form of melanoma affecting the eye, with up to 50% of patients developing metastatic disease and historically having no approved treatment until KIMMTRAK [5] - KIMMTRAK is indicated as monotherapy for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in multiple regions, including the US, EU, Canada, Australia, and the UK [7] Immunocore's Technology and Pipeline - Immunocore's proprietary TCR technology generates ImmTAC molecules, designed to redirect the immune system to recognize and kill cancerous cells, with potential applications in hematologic and solid tumors [9] - The company is a commercial-stage biotechnology firm pioneering the development of TCR bispecific immunotherapies (ImmTAX) for cancer, autoimmune diseases, and infectious diseases [10] - Immunocore has nine active clinical and pre-clinical programs in oncology, infectious diseases, and autoimmune diseases, with KIMMTRAK being its most advanced oncology TCR therapeutic [10]