Immunocore (NASDAQ:IMCR) Posts Quarterly Earnings Results, Misses Estimates By $0.32 EPS

Immunocore (NASDAQ:IMCR) posted its earnings results on Wednesday. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $145.48 million. During the same quarter last year, the business posted ($0.47) EPS. The firm’s revenue for the quarter was up 24.3% on a year-over-year basis.

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 Stock Performance

NASDAQ IMCR traded up $0.03 during trading on Wednesday, reaching $33.71. 180,394 shares of the company’s stock were exchanged, compared to its average volume of 448,235. Immunocore has a fifty-two week low of $23.15 and a fifty-two week high of $40.71. The stock has a market capitalization of $1.70 billion, a P/E ratio of -59.11 and a beta of 0.78. The business has a 50 day moving average price of $33.70 and a 200-day moving average price of $34.35. The company has a debt-to-equity ratio of 0.99, a current ratio of 6.00 and a quick ratio of 5.97.

Insider Activity

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Orion Porfolio Solutions LLC boosted its stake in shares of Immunocore by 4.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 23,965 shares of the company’s stock worth $752,000 after buying an additional 1,031 shares during the last quarter. Arax Advisory Partners raised its position in shares of Immunocore by 302.9% in the fourth quarter. Arax Advisory Partners now owns 1,386 shares of the company’s stock valued at $48,000 after purchasing an additional 1,042 shares during the period. Osaic Holdings Inc. lifted its position in shares of Immunocore by 117.4% during the second quarter. Osaic Holdings Inc. now owns 3,148 shares of the company’s stock worth $97,000 after acquiring an additional 1,700 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Immunocore by 2.0% in the third quarter. Legal & General Group Plc now owns 125,756 shares of the company’s stock worth $4,562,000 after acquiring an additional 2,517 shares during the period. Finally, Federation des caisses Desjardins du Quebec grew its position in shares of Immunocore by 162.1% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 5,478 shares of the company’s stock valued at $190,000 after purchasing an additional 3,388 shares in the last quarter. Institutional investors own 84.50% of the company’s stock.

Analysts Set New Price Targets

IMCR has been the topic of several research reports. Mizuho set a $38.00 target price on Immunocore in a research note on Thursday, February 19th. Morgan Stanley boosted their price target on shares of Immunocore from $34.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Monday, November 10th. HC Wainwright restated a “buy” rating and issued a $100.00 price objective on shares of Immunocore in a report on Wednesday, February 4th. UBS Group set a $55.00 price target on shares of Immunocore and gave the company a “buy” rating in a research report on Wednesday, January 7th. Finally, Zacks Research upgraded Immunocore from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, January 7th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, 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.