Immunocore (NASDAQ:IMCR) Shares Gap Down on Disappointing Earnings

Shares of Immunocore Holdings plc (NASDAQ:IMCR) gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $29.21, but opened at $28.00. Immunocore shares last traded at $30.46, with a volume of 23,072 shares changing hands.

The company reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.16). Immunocore had a negative net margin of 15.87% and a negative return on equity of 12.84%.

Wall Street Analysts Forecast Growth

IMCR has been the subject of several analyst reports. Morgan Stanley reissued an “equal weight” rating and issued a $35.00 target price (down previously from $74.00) on shares of Immunocore in a research note on Friday, December 13th. Mizuho downgraded shares of Immunocore from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $72.00 to $38.00 in a report on Monday, November 11th. HC Wainwright reissued a “buy” rating and set a $100.00 price objective on shares of Immunocore in a research note on Monday, January 27th. Finally, Needham & Company LLC restated a “buy” rating and set a $71.00 target price on shares of Immunocore in a research report on Friday, January 10th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $65.64.

Institutional Trading of Immunocore

Several institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP raised its position in shares of Immunocore by 10.5% in the 3rd quarter. Wellington Management Group LLP now owns 7,048,833 shares of the company’s stock worth $219,430,000 after buying an additional 668,382 shares during the period. Groupama Asset Managment acquired a new stake in Immunocore during the fourth quarter worth about $17,700,000. Primecap Management Co. CA raised its holdings in shares of Immunocore by 26.7% in the 3rd quarter. Primecap Management Co. CA now owns 2,472,020 shares of the company’s stock worth $76,954,000 after purchasing an additional 520,950 shares during the period. Deep Track Capital LP acquired a new position in shares of Immunocore in the 4th quarter valued at about $15,322,000. Finally, Tang Capital Management LLC lifted its stake in shares of Immunocore by 40.7% in the 4th quarter. Tang Capital Management LLC now owns 1,555,600 shares of the company’s stock valued at $45,890,000 after purchasing an additional 450,000 shares in the last quarter. 84.50% of the stock is owned by hedge funds and other institutional investors.

Immunocore Stock Performance

The stock’s 50-day moving average is $29.98 and its 200-day moving average is $31.97. The company has a current ratio of 3.78, a quick ratio of 3.76 and a debt-to-equity ratio of 1.03. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of -31.97 and a beta of 0.77.

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.