Immunocore (NASDAQ:IMCR) Price Target Cut to $71.00 by Analysts at Needham & Company LLC

Immunocore (NASDAQ:IMCR) had its price target trimmed by Needham & Company LLC from $78.00 to $71.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Morgan Stanley lowered their price objective on shares of Immunocore from $80.00 to $74.00 and set an “overweight” rating for the company in a research report on Friday, October 11th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunocore in a research note on Monday, September 9th. Barclays reduced their price target on shares of Immunocore from $92.00 to $66.00 and set an “overweight” rating on the stock in a research note on Friday, August 9th. UBS Group began coverage on Immunocore in a report on Thursday, October 24th. They issued a “sell” rating and a $24.00 target price for the company. Finally, Guggenheim lowered shares of Immunocore from a “buy” rating to a “neutral” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $73.73.

Immunocore Stock Performance

Shares of NASDAQ IMCR traded up $0.38 during mid-day trading on Thursday, reaching $34.69. 199,461 shares of the company were exchanged, compared to its average volume of 525,921. The company’s 50-day simple moving average is $32.66 and its 200-day simple moving average is $39.66. The company has a quick ratio of 5.15, a current ratio of 5.17 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $1.74 billion, a P/E ratio of -31.68 and a beta of 0.72. Immunocore has a twelve month low of $29.72 and a twelve month high of $76.98.

Immunocore (NASDAQ:IMCR) last released its earnings results on Wednesday, November 6th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.50. Immunocore had a negative return on equity of 14.68% and a negative net margin of 19.16%. The company had revenue of $80.25 million for the quarter, compared to analyst estimates of $78.94 million. During the same period in the prior year, the firm posted ($0.59) EPS. Immunocore’s quarterly revenue was up 23.7% on a year-over-year basis. As a group, research analysts predict that Immunocore will post -1.71 earnings per share for the current year.

Institutional Investors Weigh In On Immunocore

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Envestnet Asset Management Inc. lifted its holdings in Immunocore by 0.9% during the second quarter. Envestnet Asset Management Inc. now owns 70,571 shares of the company’s stock worth $2,392,000 after acquiring an additional 606 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in Immunocore by 6.5% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 22,622 shares of the company’s stock worth $767,000 after acquiring an additional 1,390 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Immunocore by 40.4% in the third quarter. Exchange Traded Concepts LLC now owns 5,075 shares of the company’s stock worth $158,000 after purchasing an additional 1,461 shares in the last quarter. DNB Asset Management AS lifted its stake in shares of Immunocore by 35.0% during the 2nd quarter. DNB Asset Management AS now owns 7,211 shares of the company’s stock valued at $244,000 after buying an additional 1,868 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Immunocore by 6.5% in the 3rd quarter. Assetmark Inc. now owns 30,555 shares of the company’s stock valued at $951,000 after buying an additional 1,878 shares in the last quarter. Institutional investors and hedge funds own 84.50% of the company’s stock.

About Immunocore

Immunocore Holdings plc, a commercial-stage biotechnology company, engages in the development of immunotherapies for the treatment of cancer, infectious, and autoimmune diseases. The company offers KIMMTRAK for the treatment of patients with unresectable or metastatic uveal melanoma. It also develops other programs for oncology, including tebentafusp that is in Phase 2/3 clinical trial to treat advanced cutaneous melanoma.