Immunocore Holdings

IMCR · NASDAQ

$32.60+$2.76 (+9.25%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $29.84

IMCR analyst rating

BuyConsensus of 8 analysts over the last 12 months. 63% rate it a buy.

Strong buy0
Buy5
Hold3
Underperform0
Sell0

12-month price target · 14 analysts

Average $65.93 (+102.2% upside)

Low: $34.34
Now: $32.60
High: $95.55

Upgrades and downgrades

The latest rating actions, newest first

IMCR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
JP Morgan	Aug 21, 2026	Initiates	Overweight	$50.00	57%
Mizuho	Aug 3, 2026	Maintains	Neutral	$34.00 → $35.00	54%
HC Wainwright & Co.	Apr 20, 2026	Maintains	Buy	$100.00	33%
HC Wainwright & Co.	Apr 14, 2026	Maintains	Buy	$100.00	33%
Jefferies	Mar 16, 2026	Downgrade	Buy → Hold	$48.00 → $33.00	100%
Needham	Feb 26, 2026	Maintains	Buy	$71.00 → $75.00	38%
HC Wainwright & Co.	Feb 4, 2026	Maintains	Buy	$100.00	33%
UBS	Jan 7, 2026	Initiates	Sell → Buy	$24.00 → $55.00	53%
Morgan Stanley	Nov 10, 2025	Maintains	Equal-Weight	$34.00 → $36.00	33%
Wells Fargo	Oct 31, 2025	Initiates	Overweight	$60.00	71%

The case for and against

Updated Oct 1, 2026

Bull case

Immunocore Holdings is compelling because KIMMTRAK continues to validate a durable, differentiated standard-of-care position in HLA-A*02:01-positive metastatic uveal melanoma, with 5-year OS of 16% versus 8% for investigator’s choice, a hazard ratio of 0.67, and a median OS of 21.6 months versus 16.9 months. The long-term data also show nearly 7-fold higher tumor reduction beyond progression and a 39% risk reduction in death when treatment is continued, while real-world penetration at or above 70% and ~14-month therapy duration support a resilient commercial base. That cash-generating franchise, combined with multiple late-stage readouts across oncology, infectious disease, and autoimmune programs, gives the company meaningful pipeline upside and multiple potential value inflection points.

Bear case

Immunocore Holdings is facing a meaningful long-term competitive threat because IDEAYA’s darovasertib plus TKI combination is HLA-independent and could theoretically be used across the entire metastatic uveal melanoma population, rather than being confined to the HLA-A*02:01-negative subset. By contrast, KIMMTRAK’s approved addressable market is limited to HLA-A*02:01-positive patients, which leaves Immunocore exposed if broader-eligible competitors gain clinical traction. Although the current split is complementary, the narrower biomarker-defined market and the risk of future displacement in mUM underpin a cautious fundamental outlook.

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