Immunocore (NASDAQ:IMCR) Share Price Breaks Above 200 Day Moving Average on Disappointing Earnings

Immunocore Holdings PLC Sponsored ADR (NASDAQ:IMCR) shares passed above its 200-day moving average during trading on Monday after the company announced better than expected quarterly earnings. The stock has a 200-day moving average of $31.71 and traded as high as $31.91. Immunocore shares last traded at $31.73, with a volume of 554,354 shares trading hands.

The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.17) by ($0.11). The company had revenue of $102.22 million for the quarter, compared to the consensus estimate of $152.10 million. Immunocore had a negative net margin of 4.20% and a negative return on equity of 4.54%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on IMCR shares. Mizuho lifted their target price on Immunocore from $34.00 to $35.00 and gave the company a “neutral” rating in a research report on Monday, August 3rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Immunocore in a research report on Thursday, October 15th. Wall Street Zen downgraded shares of Immunocore from a “buy” rating to a “hold” rating in a research report on Tuesday, July 28th. Zacks Research downgraded Immunocore from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 3rd. Finally, TD Cowen upgraded shares of Immunocore to a “strong-buy” rating in a research note on Monday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Immunocore currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.86.

Institutional Investors Weigh In On Immunocore

Hedge funds have recently modified their holdings of the company. Braidwell LP purchased a new position in Immunocore during the second quarter worth about $16,552,000. Janus Henderson Group PLC raised its stake in shares of Immunocore by 30.9% in the 1st quarter. Janus Henderson Group PLC now owns 594,712 shares of the company’s stock valued at $17,919,000 after acquiring an additional 140,308 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Immunocore in the 2nd quarter valued at approximately $2,145,000. Stempoint Capital LP purchased a new stake in shares of Immunocore in the 1st quarter valued at approximately $1,916,000. Finally, Engineers Gate Manager LP raised its holdings in shares of Immunocore by 334.3% in the 2nd quarter. Engineers Gate Manager LP now owns 60,327 shares of the company’s stock valued at $1,915,000 after buying an additional 46,435 shares during the period. 84.50% of the stock is owned by hedge funds and other institutional investors.

Immunocore Price Performance

The company has a quick ratio of 4.44, a current ratio of 4.47 and a debt-to-equity ratio of 0.94. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of -48.81 and a beta of 0.82. The company’s 50-day moving average price is $31.54 and its 200-day moving average price is $31.71.

Immunocore Company Profile

Immunocore is a biotechnology company that develops T cell receptor (TCR)-based medicines for cancer and other diseases. Its ImmTAX platform is designed to create therapies that direct the body’s T cells toward targets inside cells, including targets that may be difficult for conventional antibody treatments to reach.

The company’s marketed medicine, KIMMTRAK (tebentafusp-tebn), is a TCR-based therapy approved in the United States and other markets for certain patients with unresectable or metastatic uveal melanoma.