Core Insights - Immunocore Holdings PLC's stock price increased by 5.9% to $35.29, following a period of 7.9% loss over the past four weeks, indicating a significant recovery in trading volume [1] - The company's strategic priorities for 2026 focus on commercial expansion of its drug KIMMTRAK and advancements in clinical studies, including late-stage melanoma studies and new data on early-stage cancer and HIV [2] - The upcoming quarterly report is expected to show a loss of $0.28 per share, a 40.4% improvement year-over-year, with revenues projected at $107.83 million, reflecting a 28.3% increase from the previous year [3] - The consensus EPS estimate for the quarter has been revised 13% higher in the last 30 days, suggesting a positive trend that may lead to further stock price appreciation [4] - Immunocore holds a Zacks Rank of 1 (Strong Buy), indicating strong market confidence, while Avidity Biosciences, a peer in the same industry, has a lower Zacks Rank of 3 (Hold) [5][6] Company Performance - Immunocore's stock performance is bolstered by its strategic focus and positive earnings estimate revisions, which historically correlate with stock price movements [3][4] - The anticipated revenue growth and improved EPS estimates position Immunocore favorably within the biomedical and genetics industry [2][3] Industry Context - Immunocore is part of the Zacks Medical - Biomedical and Genetics industry, where it competes with companies like Avidity Biosciences, which has seen a negative revision in its EPS estimates [5][6]

PresentationGood morning, everybody. I'm David Adlington. I head up the research group for JPMorgan in London for Medical Devices and Services. It's my pleasure this morning to introduce Michael Sen from Fresenius SE, and then we'll follow up the presentation with some Q&A. Michael, thank you very much.Michael SenCEO, President & Chairman of Management Board of Fresenius Management SE So good morning, everybody, and thank you, David. Thanks for having us. I think it's a wonderful opportunity to come togethe ...

Core Insights - Immunocore is a commercial stage biotechnology company focused on developing transformative medicines, particularly through its innovative soluble TCR receptor bispecific platform, which has been validated both clinically and commercially [2][3] Company Strategy - The company aims to grow its product KIMMTRAK and prepare for potential new indications in melanoma, while also expanding its focus beyond melanoma into other tumor types [4] - Immunocore plans to unlock opportunities beyond oncology, indicating a broader strategic vision for its product applications [4] Future Outlook - The years 2026 to 2028 are identified as critical for the company, with several data catalysts expected to emerge during this period [3]

Immunocore (NasdaqGS:IMCR) FY Conference January 14, 2026 11:15 AM ET Company ParticipantsBahija Jallal - CEODavid Berman - EVP of Research and DevelopmentTravis Coy - EVP and CFOConference Call ParticipantsJessica Fye - AnalystNone - AnalystJessica FyeGreat. Good morning, everyone. My name's Jess Fye. I'm a biotech analyst at JPMorgan, and we're continuing the 44th annual healthcare conference today with Immunocore. First, you're going to hear a presentation from the company, and then we're going to go int ...

Transformative immunomodulating medicines for patients January 2026 To add/change the picture: • Click on the image and press BACKSPACE or DELETE on the keyboard > Click on the icon at the centre of the placeholder > Select the chosen image • To adjust the crop, right-click on the image > Crop • If for any reason the image placeholder loses the rounded shape, click on Reset button in the Home tab at the top. To add/change the picture: • Click on the image and press BACKSPACE or DELETE on the keyboard > Clic ...

KIMMTRAK Overview - KIMMTRAK is the global standard of care in first-line metastatic uveal melanoma (mUM) with a median overall survival (OS) of 28 months, showing a 27% improvement compared to investigator's choice[7]. - The company expects moderate revenue growth for KIMMTRAK in 2026, with a market penetration estimate of over 70% in major launched markets[7]. - KIMMTRAK has the potential to benefit up to 6,000 patients per year in the US and Europe, with an estimated market opportunity of around 1,200 patients for adjuvant uveal melanoma[12][13]. - The company reported net sales of $295 million for KIMMTRAK in the first three quarters of 2025, following its approval in 2022[13]. Clinical Trials and Studies - The Phase 3 TEBE-AM trial for second-line advanced cutaneous melanoma is expected to enroll approximately 540 patients, with completion anticipated in the first half of 2026[9]. - The ongoing Phase 3 study PRISM-MEL301 is evaluating combinations of KIMMTRAK with other therapies in platinum-resistant ovarian carcinoma and other solid tumors[15]. - The Phase 3 trial PRISM-MEL-301 is currently enrolling approximately 325 patients, targeting previously untreated advanced melanoma with HLA-A*02:01[20]. - The company expects to present Phase 1 data in multiple cohorts in the second half of 2026, focusing on ovarian cancer and other indications[25]. - Upcoming milestones include completing enrollment in the Phase 3 trial for Tebentafusp and dosing the first patient in the Phase 1 trial for IMC-S118AI in type 1 diabetes in 1H 2026[42]. - Registrational trials for PRISM-MEL-301 are set to be completed by 2027[42]. Safety and Efficacy - The safety profile of Brenetafusp monotherapy was consistent with previous reports, with 92% of patients experiencing any grade treatment-related adverse events[17]. - The disease control rate (DCR) for brenetafusp in combination with nivolumab is promising, with a DCR of 100% in patients with prior CTLA-4 therapy[19]. - The median progression-free survival (mPFS) for patients treated with nivolumab + relatlimab is reported at 4.2 months, compared to 3.7 months for nivolumab alone[19]. - In the Phase 1 monotherapy study, 58% of patients achieved a DCR, with a 6-month overall survival (OS) rate of 73%[23]. - The treatment-related adverse events (TRAE) were reported in 97% of monotherapy patients, with 19% experiencing grade 3/4 TRAE[22]. Financial Position and Strategic Priorities - The preliminary unaudited cash position of Immunocore as of December 31, 2025, is subject to change pending the completion of audited financial statements[2]. - The company has a preliminary and unaudited year-end cash position of $864 million[42]. - Immunocore's strategic priorities for 2026 include expanding commercial infrastructure and launching new product candidates[2]. New Product Candidates and Research - The company is evaluating brenetafusp in ovarian cancer, with an estimated 16,000 patients eligible for treatment in the first-line setting[25]. - The novel ImmTAC candidate IMC-R117C targets PIWIL1 for colorectal and gastrointestinal cancers, with an estimated 20,000 colorectal cancer patients positive for PIWIL1[28]. - The ongoing Phase 1 trial for IMC-M113V1 aims to determine safety and anti-viral activity in people living with HIV, with a target dose range of 60-300 mcg[31]. - Data from Phase 1/2 combinations in ovarian cancer and monotherapy in NSCLC for Brenetafusp are anticipated[42]. - Initial data from the Phase 1 trial in multiple solid tumors for PRAME-A02-HLE is expected[42]. - The company plans to submit an IND/CTA for a CD1a x PD1 (non-HLA restricted) trial in atopic dermatitis in 2H 2026[42].

Core Insights - Immunocore has outlined its strategic priorities for 2026, focusing on expanding its melanoma franchise and advancing its clinical pipeline in oncology, infectious diseases, and autoimmune diseases [2][4][5] Group 1: Melanoma Franchise - The company aims to grow KIMMTRAK (tebentafusp) and prepare for new melanoma indications, targeting more metastatic uveal melanoma patients through ongoing registrational Phase 3 trials [5][12] - Enrollment completion for the TEBE-AM trial is expected in the first half of 2026, with topline data anticipated as early as the second half of 2026 [3][4][12] - The company is also enrolling a third registrational trial, PRISM-MEL-301, evaluating brenetafusp in first-line melanoma [5][12] Group 2: Broader Oncology Pipeline - Immunocore plans to expand beyond melanoma into other tumor types, with multiple Phase 1 readouts expected in 2026 for its PRAME bispecific candidates, including brenetafusp and IMC-P115C [5][6] - The company is also conducting a Phase 1 dose escalation trial in colorectal cancer with IMC-R117C [6] Group 3: Infectious and Autoimmune Diseases - The company is advancing its infectious disease platform, with ongoing Phase 1 trials for HIV and plans to present additional data in the second half of 2026 [6][9] - Immunocore is set to dose the first patient in a Phase 1 type 1 diabetes trial in the first half of 2026 and will submit a clinical trial application for a second autoimmune candidate in the second half of 2026 [2][13] Group 4: Financial Position - As of December 31, 2025, the company reported a preliminary cash position of approximately $864 million, with final financial results expected in late February 2026 [10]

Core Viewpoint - Immunocore Holdings PLC has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Stock Ratings - The Zacks rating system is centered around changes in earnings estimates, which are tracked through the Zacks Consensus Estimate, reflecting EPS estimates from sell-side analysts for the current and following years [2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, making the Zacks rating system beneficial for investors [3][5]. Impact of Institutional Investors - Institutional investors play a role in the relationship between earnings estimates and stock prices, as they adjust their valuations based on these estimates, leading to significant stock price movements [5]. Business Improvement Indicators - The upgrade in earnings estimates for Immunocore suggests an improvement in the company's underlying business, which is expected to drive the stock price higher [6]. Importance of Earnings Estimate Revisions - Tracking earnings estimate revisions is crucial for investment decisions, and the Zacks Rank system effectively utilizes these revisions to classify stocks [7]. Zacks Rank Performance - The Zacks Rank system categorizes stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. Specific Earnings Estimates for Immunocore - For the fiscal year ending December 2025, Immunocore is expected to earn -$0.39 per share, with no year-over-year change, but the Zacks Consensus Estimate has increased by 19.5% over the past three months [9]. Overall Rating System Insights - The Zacks rating system maintains a balanced distribution of "buy" and "sell" ratings across its universe of over 4,000 stocks, with only the top 5% receiving a "Strong Buy" rating [10]. - The upgrade of Immunocore to Zacks Rank 1 places it in the top 5% of stocks based on estimate revisions, indicating potential for market-beating returns in the near term [11].

Core Insights - Immunocore Holdings plc (NASDAQ:IMCR) is a biotechnology company focused on T cell receptor-based therapeutics for cancer, infectious diseases, and autoimmune conditions [1] - The company operates in a competitive landscape alongside peers such as Vor Biopharma Inc. (VOR), Cullinan Therapeutics, Inc. (CGEM), Sana Biotechnology, Inc. (SANA), and Design Therapeutics, Inc. (DSGN) [1] Financial Performance - Immunocore's Return on Invested Capital (ROIC) is -4.49%, which is below its Weighted Average Cost of Capital (WACC) of 6.55%, resulting in a ROIC to WACC ratio of -0.68 [2][5] - This indicates that Immunocore is not generating returns above its cost of capital, but it shows relatively better capital efficiency compared to its peers [2][5] Peer Comparison - Vor Biopharma Inc. (VOR) has a significantly lower ROIC of -232.79% against a WACC of 9.33%, leading to a ROIC to WACC ratio of -24.95, indicating poorer capital efficiency compared to Immunocore [3] - Cullinan Therapeutics, Inc. (CGEM) and Sana Biotechnology, Inc. (SANA) also exhibit negative ROIC to WACC ratios of -11.508 and -6.208, respectively, suggesting less efficient capital utilization than Immunocore [3] - Design Therapeutics, Inc. (DSGN) has the highest ROIC to WACC ratio among peers at -3.055, but Immunocore maintains a relatively strong position with potential for improvement in capital utilization [4][5]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are significant, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is highlighted as a critical player in the AI energy sector, owning essential energy infrastructure assets that are poised to benefit from the increasing energy demands of AI [3][7] - This company is not a chipmaker or cloud platform but is positioned as a "toll booth" operator in the AI energy boom, collecting fees from energy exports [5][6] Financial Position - The company is noted for being debt-free and holding a substantial cash reserve, which is nearly one-third of its market capitalization, providing a strong financial foundation [8][10] - It is trading at less than 7 times earnings, indicating a potentially undervalued investment opportunity compared to its peers in the energy and AI sectors [10][12] Market Trends - The company is strategically aligned with several market trends, including the onshoring boom driven by tariffs, a surge in U.S. LNG exports, and advancements in nuclear energy [14][6] - The influx of talent into the AI sector is expected to drive continuous innovation and growth, making investments in AI infrastructure increasingly attractive [12][11] Future Outlook - The company is positioned to capitalize on the anticipated energy spike driven by AI, making it a compelling investment as the demand for electricity continues to rise [3][7] - The overall sentiment is that investing in AI and its supporting infrastructure is essential for future growth and profitability in the evolving technological landscape [11][13]