Immunocore (NASDAQ:IMCR) Releases Quarterly Earnings Results, Misses Expectations By $0.32 EPS

Immunocore (NASDAQ:IMCR) posted its quarterly earnings results on Wednesday. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.32), FiscalAI reports. Immunocore had a negative return on equity of 7.67% and a negative net margin of 7.70%.The business had revenue of $104.48 million for the quarter, compared to the consensus estimate of $145.48 million. During the same period last year, the firm earned ($0.47) earnings per share. The company’s quarterly revenue was up 24.3% on a year-over-year basis.

Here are the key takeaways from Immunocore’s conference call:

• KIMMTRAK delivered strong commercial performance in 2025 with $400 million in net revenue (up ~29% YoY), approval in 39 countries, launch in 30 markets, ~70% major-market penetration and a real‑world mean treatment duration of 14 months.
• Three registrational Phase 3 catalysts are underway: TEBE‑AM (second‑line cutaneous melanoma) is on track to complete enrollment H1 2026 with a planned overall‑survival readout as early as H2 2026, ATOM (adjuvant uveal melanoma) is active in Europe with U.S. sites planned in 2026, and PRISM‑MEL (brenetafusp) is advancing toward enrollment completion in 2027 after selecting the 160 µg dose.
• The company is expanding its PRAME franchise beyond melanoma into ovarian and non‑small cell lung cancer and is exploring a PRAME half‑life‑extended candidate in dose escalation, with additional data expected in the second half of 2026 that could inform next steps.
• Early non‑oncology programs showed encouraging signals: the HIV program demonstrated dose‑dependent antiviral effects and delayed viral rebound at higher doses, and a CTA for a type 1 diabetes candidate was filed with first‑in‑human dosing expected in H1 2026, but these remain early‑stage readouts.
• Management expects growth to moderate in 2026 and plans modestly higher R&D spend to support three Phase 3 trials; operating expenses rose in 2025 despite a strong balance sheet of approximately $864 million, which could pressure near‑term profitability if revenue growth slows.

Immunocore Stock Performance

IMCR opened at $32.16 on Thursday. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of -56.42 and a beta of 0.78. The business’s 50-day moving average price is $33.62 and its two-hundred day moving average price is $34.33. Immunocore has a 1 year low of $23.15 and a 1 year high of $40.71. The company has a debt-to-equity ratio of 0.99, a current ratio of 6.00 and a quick ratio of 5.97.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Wall Street Zen cut Immunocore from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. UBS Group set a $55.00 price objective on shares of Immunocore and gave the company a “buy” rating in a report on Wednesday, January 7th. Zacks Research upgraded shares of Immunocore from a “hold” rating to a “strong-buy” rating in a report on Wednesday, January 7th. Wells Fargo & Company began coverage on shares of Immunocore in a research report on Friday, October 31st. They set an “overweight” rating and a $60.00 price target on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $100.00 price target on shares of Immunocore in a report on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Immunocore presently has a consensus rating of “Moderate Buy” and an average target price of $61.30.

Immunocore News Roundup

Here are the key news stories impacting Immunocore this week:

• Positive Sentiment: Healthy cash runway — Immunocore reported cash, cash equivalents and marketable securities of $864.2M at year‑end, easing near‑term funding concerns for development programs. Immunocore reports fourth quarter and full year 2025 financial results and provides a business update
• Positive Sentiment: Near-term clinical catalysts — TEBE‑AM enrollment is expected to complete in 1H 2026 with topline as early as 2H 2026, creating a clear binary catalyst for the stock. Immunocore reports fourth quarter and full year 2025 financial results and provides a business update
• Positive Sentiment: Additional pipeline readouts scheduled — Phase 1/2 PRAME franchise data (including brenetafusp in ovarian and lung cancer and IMC‑P115C) and additional Phase 1 HIV data are expected in 2H 2026, offering multiple potential upside events. Immunocore reports fourth quarter and full year 2025 financial results and provides a business update
• Neutral Sentiment: Company materials available — Management hosted the earnings call and published slides and a detailed presentation/transcript; useful for model updates and mgmt commentary on 2026 assumptions. Immunocore Holdings plc 2025 Q4 – Results – Earnings Call Presentation
• Neutral Sentiment: Analyst narrative shifting — Recent pieces note changing analyst targets and optimism around 2026 readouts, but consensus still reflects a near‑term profit/loss profile and uncertainty around growth pacing. Useful context but not a guaranteed catalyst. Why The Narrative Around Immunocore (IMCR) Is Shifting With New Analyst Targets And 2026 Hopes
• Negative Sentiment: Earnings and revenue miss — Q4 EPS was ($0.60) vs. consensus of ($0.28), and revenue ($104.5M) missed analyst estimates (~$145M), a primary driver of downward pressure on the stock. Immunocore reports fourth quarter and full year 2025 financial results and provides a business update
• Negative Sentiment: Guidance / growth caution — Management flagged “moderating revenue growth” in 2026, which, combined with the quarterly misses, raises uncertainty about near‑term topline momentum. Immunocore reports fourth quarter and full year 2025 financial results and provides a business update

Insider Buying and Selling

In other Immunocore news, CEO Bahija Jallal sold 11,474 shares of the company’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $32.35, for a total transaction of $371,183.90. Following the completion of the transaction, the chief executive officer owned 12,343 shares of the company’s stock, valued at $399,296.05. This represents a 48.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David M. Berman sold 5,965 shares of the stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $32.35, for a total transaction of $192,967.75. Following the transaction, the insider owned 5,859 shares of the company’s stock, valued at $189,538.65. The trade was a 50.45% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 19,137 shares of company stock worth $619,082. 10.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunocore

A number of large investors have recently modified their holdings of the business. Arax Advisory Partners increased its position in shares of Immunocore by 302.9% in the fourth quarter. Arax Advisory Partners now owns 1,386 shares of the company’s stock valued at $48,000 after acquiring an additional 1,042 shares during the last quarter. Osaic Holdings Inc. boosted its position in Immunocore by 117.4% during the second quarter. Osaic Holdings Inc. now owns 3,148 shares of the company’s stock valued at $97,000 after purchasing an additional 1,700 shares during the last quarter. State of Tennessee Department of Treasury bought a new position in Immunocore in the second quarter valued at approximately $132,000. Federation des caisses Desjardins du Quebec increased its position in shares of Immunocore by 162.1% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 5,478 shares of the company’s stock worth $190,000 after purchasing an additional 3,388 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Immunocore during the 4th quarter worth approximately $203,000. 84.50% of the stock is currently owned by institutional investors and hedge funds.

Immunocore Company Profile

Immunocore plc is a clinical‐stage biotechnology company focused on the development of novel immunotherapies that harness the body’s own T‐cell response to treat cancer and infectious diseases. The company’s proprietary ImmTAC (immune mobilising monoclonal T‐cell receptors against cancer) platform utilizes engineered, soluble T‐cell receptor (TCR) molecules designed to recognise intracellular peptide–HLA complexes. By redirecting and activating T cells against disease‐associated targets, Immunocore aims to address malignancies and persistent viral infections with high unmet medical need.

The company’s most advanced candidate, tebentafusp, is a bispecific ImmTAC molecule that targets gp100, a melanoma‐associated antigen, and has received regulatory approval for the treatment of metastatic uveal melanoma.