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IMMUNOCORE HOLDINGS PLC (IMCR)
NASDAQHealth CareBiotechnologySnapshot 2026-06-16
Intact
$28.17-1.61%
Close 2026-06-16 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is strong, and management's recent track record has been steady, with capital-friendly moves. However, the company was unprofitable over the past year, so its earnings quality can't be assessed. Peer multiples imply a price about 61% above where it trades (it looks cheap on this basis); the read is cheap, value-trap risk, as it trades below peer multiples, but recent financials are weak or earnings quality is fragile. The outlook hinges on sector trends, particularly if bellwethers like VRTX, REGN, and ARGX continue to perform well. This read is provisional.
as of 2026-06-16
Quick facts
- Exchange
- NASDAQ
- Sector
- Health Care
- Industry
- Biotechnology
- Market cap
- $1.46B
- Employees
- —
- IPO date
- 2021-01-15
- Next earnings
- —
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 2 valuation methods, at three horizons. Current price $28.17. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryinexpensive
$86.90consensus
Range $78.20 – $95.61
vs price: -68% below
Method agreement — · 2 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearinexpensive
$133.59consensus
Range $120.33 – $146.86
vs price: -79% below
Method agreement — · 2 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Cheap vs peerslow confidence
At $28 IMCR trades at 4× p/s, below its 10× p/s peer median. Our $89 fair value sits above the price; low confidence. Not investment advice.
Multiple (P/S)
3.8x
peer 9.6x · own history —
Premium
0.4x peer
Growth the price needs
-69%
our forecast —
Our fair value
$88.97
range $79.90 – $98.04
WhyEarnings too small for P/EPeer anchor overstates the discount
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
inexpensivecheap — value-trap risk12-month view
What's priced in
The price sits about 69% below a flat-multiple fair value; not enough history to forecast a comparison. This describes what's priced in, not a forecast of the move.
TTM earnings are negative, so the read leans on sales- and cash-flow-based methods rather than P/E. This is a data condition, not a forward call.
Low fragilityrisk posture, not a price call
No fragility gates fired. Regime (Mania) does not concentrate fragility.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
strongOperating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Health Care names rated strong grew net income 59% of the time over the next year (vs 52% for the rest of the cohort, n=2344).
71st pctl · Health Care
Earnings quality
loss makingOver the trailing year it converted 0.90x of net income into operating cash flow.
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
Management & capital allocation
stableEarnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Strongly bullishEPS revised +110.2% / 30d, n=11for period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $-0.23 → $0.02 (+110.2% / 30d). 2 raised, 0 cut, 11 covering analysts.
Rating actions
0 upgrades, 0 downgrades / 30d. 73% of analysts rate Buy.
Market and fundamentals agree. Analysts are positioned bullishly on a fundamentally strong name.
Sector context
Intermediate · WeeklySector phase: health care is in maturing, with decelerating (~0.5 years in phase).
Sector regime (90d momentum): headwind.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: strongProvisional
- Capital allocation
- strong
- Earnings discipline
- weak
- Margin discipline
- strong
- Post-call reaction
- neutral
A guidance track record builds as the company issues and delivers on guidance.
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$142.
How much price usually moves either way.
On a bad day, this stock has moved -$360.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $3,090.
Deepest peak-to-trough drop in the last year.
moderateas of 2026-06-16
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
No material changes since the prior snapshot.
as of 2026-06-16
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
No named catalysts to watch right now. Check back after the next earnings report.
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
- 2026-05-3117d agoInvesting.com
Positive Phase 1 data supports revenue growth potential.
Strongly reinforcesUnconfirmed report
This sector is also watching
- Watch for revenue growth re-acceleration in Health Care
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If sector bellwethers like VRTX, REGN, and ARGX keep beating earnings and guiding higher, the Healthcare sector momentum should keep lifting IMCR and other Healthcare names. Worth watching these names for early signals.
- If IMCR beats again next quarter like it did this past one (a very large beat off a near-zero prior-year base on the 2026-03-31 print), the momentum tends to extend, with Street estimates ratcheting up and the stock typically following.
- If the Fed starts cutting rates from the current 3.62%, that would be a tailwind for IMCR and other Healthcare names, since rate-sensitive parts of the market tend to rally when the Fed eases.
Downside triggers
- If sector bellwethers like VRTX, REGN, and ARGX start missing or guiding lower, the Healthcare tailwind helping IMCR and other Healthcare names could fade. Watch these names for early warning.
- If GDP growth slows materially from the current 2.6% (say, below 2%), it hits IMCR and other Healthcare names harder than the average stock, since the sector is growth-sensitive.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-05-061mo agoItem 2.02
of this Current Report on 8-K, including Exhibits 99.1 hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, regardless of any general inc…
Earnings preannouncementpositive
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
+5.7 vs last weeklatest as of 2026-06-17
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.