Morgan Stanley Trims Immunocore (NASDAQ:IMCR) Target Price to $74.00

Immunocore (NASDAQ:IMCR) had its price target reduced by Morgan Stanley from $80.00 to $74.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 134.77% from the stock’s previous close.

IMCR has been the subject of a number of other research reports. Guggenheim cut shares of Immunocore from a “buy” rating to a “neutral” rating in a report on Monday. Needham & Company LLC lowered their target price on shares of Immunocore from $81.00 to $78.00 and set a “buy” rating for the company in a report on Tuesday, September 17th. JPMorgan Chase & Co. reduced their target price on shares of Immunocore from $70.00 to $66.00 and set an “overweight” rating for the company in a research note on Wednesday, July 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunocore in a report on Monday, September 9th. Finally, Barclays lowered their price target on Immunocore from $92.00 to $66.00 and set an “overweight” rating for the company in a research report on Friday, August 9th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.82.

Immunocore Stock Up 2.0 %

NASDAQ:IMCR traded up $0.63 during trading hours on Friday, reaching $31.52. 31,270 shares of the company traded hands, compared to its average volume of 554,411. The company has a current ratio of 5.17, a quick ratio of 5.15 and a debt-to-equity ratio of 1.31. The business’s 50-day moving average price is $34.33 and its two-hundred day moving average price is $43.46. Immunocore has a 1 year low of $29.72 and a 1 year high of $76.98. The stock has a market capitalization of $1.58 billion, a P/E ratio of -29.07 and a beta of 0.72.

Immunocore (NASDAQ:IMCR) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.48) by $0.25. Immunocore had a negative net margin of 19.16% and a negative return on equity of 14.68%. The company had revenue of $75.40 million for the quarter, compared to analysts’ expectations of $74.58 million. During the same quarter in the previous year, the business posted ($0.37) earnings per share. Immunocore’s quarterly revenue was up 26.2% on a year-over-year basis. Analysts predict that Immunocore will post -1.67 earnings per share for the current year.

Hedge Funds Weigh In On Immunocore

Several hedge funds and other institutional investors have recently modified their holdings of IMCR. Exchange Traded Concepts LLC increased its holdings in shares of Immunocore by 40.4% in the 3rd 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. Connective Portfolio Management LLC purchased a new position in Immunocore during the third quarter worth $218,000. Frazier Life Sciences Management L.P. purchased a new stake in shares of Immunocore during the second quarter valued at $3,686,000. The Manufacturers Life Insurance Company grew its position in shares of Immunocore by 37.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 121,753 shares of the company’s stock worth $4,126,000 after buying an additional 33,003 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Immunocore by 124.4% in the 2nd quarter. Millennium Management LLC now owns 600,954 shares of the company’s stock valued at $20,366,000 after acquiring an additional 333,167 shares during the period. 84.50% of the stock is owned by institutional investors.

Immunocore Company Profile

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.