Needham & Company LLC Cuts Immunocore (NASDAQ:IMCR) Price Target to $71.00

Immunocore (NASDAQ:IMCR) had its price objective dropped by Needham & Company LLC from $78.00 to $71.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s target price indicates a potential upside of 111.88% from the stock’s current price.

Other equities research analysts have also issued reports about the stock. 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 report on Wednesday, July 10th. Oppenheimer reiterated an “outperform” rating and set a $89.00 target price (up previously from $87.00) on shares of Immunocore in a research report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $100.00 price target on shares of Immunocore in a report on Thursday, October 24th. UBS Group initiated coverage on shares of Immunocore in a report on Thursday, October 24th. They set a “sell” rating and a $24.00 price objective for the company. Finally, Morgan Stanley reduced their price target on shares of Immunocore from $80.00 to $74.00 and set an “overweight” rating on the stock in a report on Friday, October 11th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $73.73.

Immunocore Stock Performance

IMCR opened at $33.51 on Thursday. The company’s 50 day moving average is $32.72 and its 200 day moving average is $39.74. 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 company has a market cap of $1.68 billion, a price-to-earnings ratio of -31.03 and a beta of 0.72. Immunocore has a 12-month low of $29.72 and a 12-month high of $76.98.

Immunocore (NASDAQ:IMCR) last issued 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 business had revenue of $75.40 million for the quarter, compared to analysts’ expectations of $74.58 million. During the same quarter last year, the company posted ($0.37) EPS. The company’s revenue was up 26.2% compared to the same quarter last year. On average, equities research analysts predict that Immunocore will post -1.71 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Exchange Traded Concepts LLC grew its holdings in Immunocore by 40.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 5,075 shares of the company’s stock valued at $158,000 after purchasing an additional 1,461 shares during the last quarter. Connective Portfolio Management LLC purchased a new stake in shares of Immunocore in the third quarter worth approximately $218,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Immunocore by 69.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 7,433 shares of the company’s stock worth $231,000 after acquiring an additional 3,053 shares during the last quarter. DNB Asset Management AS boosted its holdings in 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 acquiring an additional 1,868 shares during the period. Finally, XTX Topco Ltd purchased a new stake in Immunocore in the second quarter worth $303,000. 84.50% of the stock is owned by hedge funds and other 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.