Immunocore Holdings (IMCR) Is Up 7.3% After Promising Early Hepatitis B Immunotherapy Results and Revenue Gains

• Immunocore Holdings recently announced positive Phase 1 trial results for its IMC-I109V candidate in hepatitis B, alongside reporting higher third-quarter and nine-month revenues with narrowing net losses as of September 30, 2025.
• Early data showed IMC-I109V was generally well tolerated and produced reductions in hepatitis B surface antigen, an important marker for infection, supporting further development of this new immunotherapy.
• We'll explore how promising Phase 1 trial evidence for IMC-I109V could reshape Immunocore Holdings’ investment narrative moving forward.

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Immunocore Holdings Investment Narrative Recap

Immunocore Holdings is a company driven by the promise of breakthrough immunotherapies, but its investment narrative still hinges on managing dependence on KIMMTRAK while developing a diversified pipeline. The positive Phase 1 data for IMC-I109V could boost optimism around pipeline progress, yet it is not a near-term catalyst for revenue; the biggest immediate risk remains the potential for KIMMTRAK’s sales to plateau before new products meaningfully contribute.

The most relevant recent announcement is the Q3 earnings report, showing higher revenue and reduced net losses. This signals still-solid execution, yet reinforces how returns are closely tied to existing commercialized products, underscoring the importance of pipeline success as current growth stabilizes.

However, investors also need to consider that, if KIMMTRAK’s revenue growth slows before IMC-I109V or other pipeline assets advance beyond early-stage trials...

Read the full narrative on Immunocore Holdings (it's free!)

Immunocore Holdings is projected to reach $551.3 million in revenue and $88.5 million in earnings by 2028. This outlook depends on a 15.7% annual revenue growth rate and an $108.8 million increase in earnings from the current level of $-20.3 million.

Uncover how Immunocore Holdings' forecasts yield a $62.20 fair value, a 73% upside to its current price.

Exploring Other Perspectives

Three Simply Wall St Community members issued fair value estimates for Immunocore ranging from US$62.20 to US$230.14 per share. With such spread and current results driven by one product, consider how reliance on KIMMTRAK shapes the broader investment picture as you compare different views.

Explore 3 other fair value estimates on Immunocore Holdings - why the stock might be worth over 6x more than the current price!

Build Your Own Immunocore Holdings Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Immunocore Holdings research is our analysis highlighting 3 key rewards that could impact your investment decision.
• Our free Immunocore Holdings research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Immunocore Holdings' overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.