Immunocore (NASDAQ:IMCR) Shares Gap Down – What’s Next?

Immunocore Holdings PLC Sponsored ADR (NASDAQ:IMCR) gapped down prior to trading on Tuesday . The stock had previously closed at $39.50, but opened at $37.38. Immunocore shares last traded at $37.4640, with a volume of 4,278 shares changing hands.

Analyst Upgrades and Downgrades

IMCR has been the subject of a number of research reports. Guggenheim initiated coverage on shares of Immunocore in a research note on Thursday, September 18th. They set a “neutral” rating for the company. Morgan Stanley lifted their price objective on Immunocore from $34.00 to $36.00 and gave the stock an “equal weight” rating in a report on Monday, November 10th. Wells Fargo & Company assumed coverage on Immunocore in a research note on Friday, October 31st. They set an “overweight” rating and a $60.00 price objective for the company. Wall Street Zen upgraded Immunocore from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Immunocore in a research note on Wednesday, October 8th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.00.

Immunocore Stock Performance

The stock has a market cap of $2.03 billion, a price-to-earnings ratio of -70.56 and a beta of 0.77. The company has a debt-to-equity ratio of 0.99, a current ratio of 6.00 and a quick ratio of 5.97. The firm has a fifty day moving average of $34.93 and a 200 day moving average of $34.19.

Immunocore (NASDAQ:IMCR) last issued its earnings results on Thursday, November 6th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.32. The company had revenue of $103.69 million during the quarter, compared to analysts’ expectations of $137.29 million. Immunocore had a negative return on equity of 7.67% and a negative net margin of 7.70%.The firm’s quarterly revenue was up 29.2% on a year-over-year basis. During the same period in the prior year, the business earned $0.17 EPS. As a group, sell-side analysts forecast that Immunocore Holdings PLC Sponsored ADR will post -0.94 EPS for the current year.

Insiders Place Their Bets

In other news, insider David M. Berman sold 22,532 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $35.67, for a total value of $803,716.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.40% of the stock is owned by insiders.

Institutional Trading of Immunocore

Several institutional investors have recently made changes to their positions in the company. Bellevue Group AG raised its stake in shares of Immunocore by 99.9% in the 2nd quarter. Bellevue Group AG now owns 2,441,830 shares of the company’s stock valued at $76,625,000 after acquiring an additional 1,220,036 shares during the period. Primecap Management Co. CA increased its holdings in Immunocore by 40.8% in the 2nd quarter. Primecap Management Co. CA now owns 3,771,474 shares of the company’s stock valued at $118,349,000 after purchasing an additional 1,092,824 shares during the last quarter. BVF Inc. IL purchased a new stake in Immunocore in the second quarter valued at approximately $32,142,000. Millennium Management LLC lifted its stake in Immunocore by 334.3% during the third quarter. Millennium Management LLC now owns 1,265,965 shares of the company’s stock worth $45,993,000 after purchasing an additional 974,463 shares in the last quarter. Finally, Baker BROS. Advisors LP boosted its position in shares of Immunocore by 53.3% during the first quarter. Baker BROS. Advisors LP now owns 2,322,656 shares of the company’s stock worth $68,913,000 after buying an additional 807,338 shares during the period. Hedge funds and other institutional investors own 84.50% of the company’s stock.

About Immunocore

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.