Immunocore (NASDAQ:IMCR) Shares Gap Down After Earnings Miss

Immunocore Holdings plc (NASDAQ:IMCR) shares 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 traded.

The company reported ($0.47) earnings per share for the quarter, missing the consensus estimate of ($0.31) by ($0.16). Immunocore had a negative return on equity of 12.84% and a negative net margin of 15.87%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Morgan Stanley reiterated an “equal weight” rating and issued a $35.00 price target (down previously from $74.00) on shares of Immunocore in a research report on Friday, December 13th. HC Wainwright reaffirmed a “buy” rating and issued a $100.00 target price on shares of Immunocore in a report on Monday, January 27th. Mizuho lowered 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $71.00 price objective on shares of Immunocore in a research note on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $65.64.

Institutional Trading of Immunocore

A number of institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its stake in shares of Immunocore by 10.5% during the 3rd quarter. Wellington Management Group LLP now owns 7,048,833 shares of the company’s stock worth $219,430,000 after acquiring an additional 668,382 shares in the last quarter. Groupama Asset Managment purchased a new stake in Immunocore during the fourth quarter worth $17,700,000. Primecap Management Co. CA grew its holdings in Immunocore by 26.7% in the third quarter. Primecap Management Co. CA now owns 2,472,020 shares of the company’s stock valued at $76,954,000 after purchasing an additional 520,950 shares during the last quarter. Deep Track Capital LP purchased a new position in shares of Immunocore in the fourth quarter valued at $15,322,000. Finally, Tang Capital Management LLC increased its position in shares of Immunocore by 40.7% in the fourth quarter. Tang Capital Management LLC now owns 1,555,600 shares of the company’s stock valued at $45,890,000 after buying an additional 450,000 shares in the last quarter. Hedge funds and other institutional investors own 84.50% of the company’s stock.

Immunocore Stock Up 4.2 %

The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -31.97 and a beta of 0.77. The firm has a 50 day moving average price of $29.98 and a 200-day moving average price of $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.

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.