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Immunocore Holdings (IMCR) came under renewed scrutiny after Jefferies cut its rating to Hold on March 16, 2026, citing concerns about Kimmtrak approaching peak sales and uncertainty around the broader pipeline.
See our latest analysis for Immunocore Holdings.
The downgrade has landed after a weak run for the shares, with a 30 day share price return of 8.46% and a 90 day share price return of 18.52% decline. The 1 year total shareholder return of 0.47% loss contrasts with a much steeper 3 year total shareholder return of 40.45% loss, suggesting momentum has been fading as investors reassess the risks around Kimmtrak and the wider clinical pipeline.
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With Immunocore now valued at about US$1.5b and trading well below the average analyst target, the key question is whether recent weakness leaves the shares underappreciating Kimmtrak and the pipeline, or if the market is already pricing in future growth.
At a last close of $29.44 against a narrative fair value of $66.57, Immunocore is framed as heavily discounted, with that gap hinging on future earnings power.
Momentum in pipeline diversification progressing late-stage trials in cutaneous melanoma (TEBE-AM, PRISM-MEL) and expanding into infectious and autoimmune diseases reduces single product risk and sets the stage for multiple future revenue streams and earnings expansion.
Read the complete narrative. Read the complete narrative.
Want to see what assumptions sit behind that earnings expansion story, and how revenue growth, margins and future multiples fit together? The narrative spells out a detailed glide path from current losses toward positive earnings, including how fast revenue is expected to build and what profitability level is needed to support that higher valuation.
Result: Fair Value of $66.57 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, this optimistic earnings path still hinges on KIMMTRAK remaining resilient, and on late stage trials avoiding delays or disappointments that could undermine those assumptions.
Find out about the key risks to this Immunocore Holdings narrative.