Core Viewpoint - Immunocore Holdings PLC (IMCR) has shown a significant price increase of 12.6% over the past four weeks, with a mean price target of $62.13 indicating a potential upside of 72.3% from the current price of $36.05 [1] Price Targets and Analyst Consensus - The average price target for IMCR is based on 15 short-term estimates, ranging from a low of $24.00 to a high of $100.00, with a standard deviation of $22.46, indicating variability in analyst predictions [2] - The lowest estimate suggests a decline of 33.4%, while the highest indicates a potential upside of 177.4% [2] - Analysts' price targets should be approached with caution, as their reliability has been questioned in empirical research [3][7] Earnings Estimates and Analyst Agreement - There is strong agreement among analysts regarding IMCR's ability to report better earnings than previously predicted, which supports the view of potential upside [4] - The Zacks Consensus Estimate for the current year has increased by 20.4% over the past month, with no negative revisions [12] - IMCR holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] Implications of Price Movement - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a directional guide for price movement [14]

Industry Overview - The biotech industry has shown resilience amid global trade tensions, with ongoing geopolitical issues presenting challenges, yet the demand for innovative medical treatments remains strong [1] - Strategic collaborations and acquisitions are increasingly common as large pharma and biotech companies seek to expand their product portfolios and pipelines, particularly in the context of AI-driven drug discovery [2][9] - The Zacks Biomedical and Genetics industry is currently ranked 86, placing it in the top 35% of over 246 Zacks industries, indicating a decent outlook driven by consistent demand for medical advancements [15] Market Trends - The focus on high-profile drug performance and innovative pipeline development is critical, with significant R&D expenditures required to create breakthrough treatments [6] - Successful commercialization is essential for drug uptake, often leading smaller biotech firms to collaborate with larger companies for shared sales or royalties [7] - The recent emphasis on AI technology for drug discovery is expected to attract further investment into the biotech sector [11] Company Performance - Exelixis, Inc. (EXEL) is positioned well with its lead drug, Cabometyx, which is gaining traction in the oncology market, and its shares have surged 31% year to date [35][36] - Verona Pharma (VRNA) has seen a 94.8% increase in shares year to date, driven by the uptake of its drug Ohtuvayre for COPD, with further growth anticipated [24] - Alkermes (ALKS) is benefiting from strong sales of its proprietary drugs and has a Zacks Rank of 1, with EPS estimates for 2025 rising to $1.79 [26][27] - Immunocore Holdings (IMCR) focuses on TCR bispecific immunotherapies and has gained 11.4% year to date, with ongoing studies expected to enhance its market position [30][32] - Kiniska Pharmaceuticals (KNSA) is experiencing growth with its FDA-approved drug Arcalyst and has seen a 37.7% increase in shares [39][40]

Core Insights - Er-Kim has been appointed by Immunocore as the distribution and commercialization partner for KIMMTRAK in Turkey and the MENA, Caucasus, and CIS regions [1][3] - KIMMTRAK is a treatment for HLA-A*02:01-positive adults with unresectable or metastatic uveal melanoma, a rare and aggressive form of melanoma [1][2][4] - The partnership aims to improve access to innovative cancer treatments in regions with high unmet medical needs [3] Company Overview - Er-Kim, established in 1981, specializes in biopharmaceutical innovation and has partnered with over 40 global leaders [3] - The company has a reach of over 600 million patients and generates revenues exceeding EUR 305 million [3] - Er-Kim employs over 300 professionals worldwide and focuses on sustainable and flexible business models [3] Product Information - KIMMTRAK (tebentafusp) is approved in certain countries as a monotherapy for HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma [4] - The availability and prescribing conditions for KIMMTRAK may vary by country [4]

KIMMTRAK® - KIMMTRAK® is the global standard of care for HLA-A*02:01-positive patients with 1L mUM, expecting continued moderate growth in 2025[19, 23] - Q1 2025 net sales for KIMMTRAK® reached $94 million, including $6 million of one-time favorable adjustments[20, 23] - A Phase 3 trial (TEBE-AM) is underway for 2L+ advanced cutaneous melanoma, targeting an enrollment completion in 1H 2026, addressing a market opportunity of up to 4,000 patients[16, 27, 29] - The ATOM Phase 3 trial is designed for adjuvant uveal melanoma, targeting ~1,200 patients, with the first patient randomized in Q4 2024[16, 34, 35] - KIMMTRAK® has the potential to help up to 6,000 patients per year across various melanoma indications[36] PRAME Portfolio - Brenetafusp, targeting PRAME-A02, is in Phase 1/2 development for NSCLC and additional solid tumors[16] - Phase 3 PRISM-MEL-301 trial is randomizing for Cutaneous Melanoma[44] - In a Phase 1 ovarian cancer trial, 94% of monotherapy patients and 81% of chemo combination patients were PRAME positive[70, 72] Infectious Diseases - IMC-M113V3, targeting Gag-A02, is in Phase 1/2 development for Human Immunodeficiency Virus (HIV)[16] - There are 40 million people living with HIV (PLWH)[103] - Initial cohorts (n=16) of dose escalation presented at CROI 2025 showed IMC-M113V is well tolerated, with only low grade cytokine release syndrome[113, 114] Autoimmune Diseases - IMC-S118AI (PPI-A02 x PD1) for Type 1 Diabetes is expected to submit CTA/IND in 2H 2025[16, 133] - IMC-U120AI (CD1a x PD1) for Atopic Dermatitis is expected to submit CTA/IND in 2026[16] Financial Position - The company's Q1 2025 cash position is $837 million[150]

Summary of Immunocore Holdings (IMCR) 2025 Conference Call Company Overview - **Company**: Immunocore Holdings (IMCR) - **Focus**: Development and commercialization of innovative therapies for cancer and infectious diseases, particularly in uveal melanoma and cutaneous melanoma Key Points Financial Performance - **ChemTrak Revenue**: Achieved net revenues of $94 million in Q1, representing a 33% year-over-year increase, marking the twelfth consecutive quarter of growth [6][7] - **One-time Revenue Adjustment**: Recognized a one-time revenue adjustment of $6 million due to finalized pricing agreements in France and Germany [7] Product Pipeline and Growth Strategy - **ChemTrak**: - Expected to exceed $300 million in revenue [2] - Focus on increasing penetration in the U.S. market, currently at 65% for HLA-O2-01 positive metastatic uveal melanoma patients [9] - Plans for new launches in 26 countries, with recent launches in the UK, Poland, and the Netherlands [14] - Duration of therapy is around 12 months, which is an improvement from the clinical trial data of 10 months [16][18] - **Competition**: - Acknowledgment of potential competition from another company, Idea, which is developing an oral therapy for melanoma [29] - Emphasis on ChemTrak being the first approved medicine for HLA-2-01 patients in over 40 years, with a median overall survival of 22 months [32][34] Clinical Trials - **Cutaneous Melanoma Trials**: - Ongoing pivotal Phase 2/3 trial for ChemTrak in combination with pembrolizumab, targeting overall survival as the primary endpoint [43] - Historical one-year survival rate in late-line cutaneous melanoma was 75%, compared to 55% historically [44] - **PRAME Study**: - Phase 3 randomized controlled study of PRAME plus PD-1 in first-line melanoma, with a focus on progression-free survival (PFS) as the primary endpoint [68][90] - Confidence in the study's design based on previous data showing disease stabilization and T-cell fitness improvement [73][81] New Developments - **PWIL Target**: - New TCR bispecific targeting PWIL, expressed in colorectal cancer, gastric, and pancreatic cancers, currently in dose escalation [115] - **HIV Program**: - Ongoing dose escalation studies with promising initial data indicating biological activity [124][126] Additional Insights - **Market Position**: ChemTrak is positioned as the standard of care and the most prescribed medicine across major markets, making it challenging for competitors to displace it [40] - **Long-term Survival Data**: The company has established long-term survival data, with 27% of patients alive at three years, which is unprecedented in this field [36][38] - **Focus on Early Detection**: Efforts are being made to find patients earlier to improve outcomes and duration of therapy [15][24] This summary encapsulates the key discussions and insights from the Immunocore Holdings conference call, highlighting the company's financial performance, product pipeline, clinical trials, and competitive landscape.

Group 1 - Immunocore Holdings PLC (IMCR) shares have increased by 20.2% over the past four weeks, closing at $36.60, with a mean price target of $60.47 indicating a potential upside of 65.2% [1] - The average of 15 short-term price targets ranges from a low of $24 to a high of $100, with a standard deviation of $21.18, suggesting variability in analyst estimates [2] - Analysts show strong agreement on the company's ability to report better earnings than previously predicted, which supports the expectation of an upside [4][11] Group 2 - The Zacks Consensus Estimate for the current year has increased by 42.9% over the past month, with seven estimates revised higher and no negative revisions [12] - IMCR holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] - While consensus price targets may not be reliable for predicting the extent of gains, they can indicate the direction of price movement, which appears to be a good guide [13]

Core Insights - Immunocore Holdings plc is a commercial-stage biotechnology company focused on developing immunomodulating medicines for cancer, infectious diseases, and autoimmune diseases [1][3] - The company will participate in the 2025 Jefferies Global Healthcare Conference, indicating its ongoing engagement with investors and the healthcare community [1][2] Company Overview - Immunocore is pioneering a novel class of TCR bispecific immunotherapies known as ImmTAX, aimed at treating a wide range of diseases [3] - The company has a robust pipeline with multiple active clinical and pre-clinical programs across oncology, infectious diseases, and autoimmune diseases [3] - KIMMTRAK, Immunocore's leading oncology TCR therapeutic, is approved for treating HLA-A*02:01-positive adult patients with unresectable or metastatic uveal melanoma in several regions including the US, EU, Canada, Australia, and the UK [3]

Core Insights - Immunocore's Kimmtrak is experiencing significant sales growth, generating $310 million in 2024, a nearly 30% increase year-over-year, with Q1 2025 sales rising 33.6% to $93.9 million [2][5][8] Company Performance - Immunocore's stock has increased by 5.8% year-to-date, contrasting with a 5.5% decline in the industry [3] - The company has a Zacks Rank 1 (Strong Buy), with narrowed loss per share estimates for 2025 from $1.50 to $0.86 and for 2026 from $1.68 to $1.34 [9] Product Development - Kimmtrak is approved in 39 countries and launched in 26, serving as the standard of care for metastatic uveal melanoma in most markets [1][5] - Ongoing label expansion studies for Kimmtrak aim to target earlier-line settings for melanoma indications [5] - Immunocore is developing brenetafusp in combination with Bristol Myers' Opdivo for first-line advanced cutaneous melanoma, with additional studies across various tumor types [6] Market Context - Bristol Myers' Opdivo recorded $2.26 billion in sales in Q1 2025, highlighting its significance as a growth driver in oncology [7]

Group 1 - Immunocore Holdings PLC (IMCR) closed at $29.06, with a 2.3% gain over the past four weeks, and has a mean price target of $62.29, indicating an upside potential of 114.4% [1] - The average of 14 short-term price targets ranges from a low of $24 to a high of $100, with a standard deviation of $23.44, suggesting variability in analyst estimates [2] - Analysts show strong agreement on the company's ability to report better earnings than previously predicted, which supports the view of potential upside [4][11] Group 2 - The Zacks Consensus Estimate for the current year has increased by 42.9% over the last 30 days, with seven estimates moving higher and no negative revisions [12] - IMCR holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] - While consensus price targets may not be reliable for predicting the extent of gains, they can indicate the direction of price movement [13]

Core Insights - Immunocore Holdings PLC reported a revenue of $93.88 million for the quarter ended March 2025, reflecting a year-over-year increase of 33.2% [1] - The earnings per share (EPS) for the quarter was $0.10, a significant improvement from -$0.49 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $87.06 million by 7.84%, while the EPS surpassed the consensus estimate of -$0.35 by 128.57% [1] Revenue Breakdown - Geographic revenue from the United States was $56.61 million, which fell short of the two-analyst average estimate of $65.33 million [4] - International revenue reached $4.47 million, exceeding the two-analyst average estimate of $2.67 million [4] - Revenue from Europe was $32.80 million, significantly higher than the average estimate of $18.53 million based on two analysts [4] - Overall product revenue netted $93.88 million, surpassing the average estimate of $85.61 million from four analysts [4] Stock Performance - Immunocore's shares have returned +14.4% over the past month, outperforming the Zacks S&P 500 composite's +10.6% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]