Recent News
On August 6, 2026 Immunocore reported second-quarter financial results and provided a business update including commercial metrics for KIMMTRAK and pipeline progress; the company had announced on May 30, 2026 that it would report Q2 results on August 6; Immunocore also announced upcoming five‑year overall‑survival data presentations for KIMMTRAK at scientific meetings.
Technical Analysis
Directional indicators show a trending market: ADX at 29.6 indicates a strong trend environment. DI+ at 24.36 increasing signals directional strength to the upside, while DI– at 10.61 decreasing reinforces bullish directional bias for price movement.
MACD reads 0.99 with the signal at 0.81 and an increasing MACD_trend; MACD currently sits above its signal line, which constitutes a bullish momentum confirmation for near‑term price continuation.
MRO sits at 33.63 with a dip & reversal pattern; because MRO is positive, the price currently sits above the model target and bears potential for a corrective move despite the recent bullish reversal in the oscillator.
RSI at 59.94 and rising indicates healthy buying pressure without reaching overbought territory; that supports continuation while leaving room for additional upside before technical exhaustion near the 70 threshold.
Price trades above the short and long moving averages: close $37.12 versus the 20‑day average $35.54, 50‑day $33.40 and 200‑day $32.72, and the 12‑day EMA at $36.03 shows an increasing short‑term trend. Ichimoku components (Tenkan $35.36, Kijun $34.77, Senkou span A $32.35) align with price above cloud support, reinforcing trend bias. Bollinger band width remains moderate (20‑day stdev $1.47) and the upper band near $37.01–$38.48 marks near-term resistance; a confirmed breach toward the 52‑week high $40.72 would extend momentum signals.
Volume currently lags short‑ and medium‑term averages (daily volume 255,158 vs. 10‑day avg 388,618 and 50‑/200‑day averages higher), suggesting moves have proceeded with below‑average participation and warrant watching for a pickup in volume to validate directional extensions. Beta measures low to moderate volatility (42‑day -0.32, 52‑week 0.63), implying price moves may decouple from broader market swings.
Fundamental Analysis
Revenue expanded meaningfully: total revenue $115.927M with YoY revenue growth of 99.38% and QoQ revenue growth of 3.12%, reflecting rapid top‑line acceleration tied to product commercialization. Gross margin at 99.06% indicates very high product gross profitability and strong unit economics for reported revenue streams.
Profitability metrics remain negative on the operating line: operating margin -2.58% and EBIT margin 1.73% (EBIT $2.001M, EBITDA $3.027M). QoQ and YoY margin changes show deterioration—EBIT margin QoQ down ~88.72% and YoY down ~123.55%—driven by higher operating expenses and continued investment in R&D ($73.945M) and commercial expansion.
EPS actual -$0.02 versus estimate $0.02 produced an EPS surprise of -200%, reflecting continued GAAP losses at the per‑share level even as revenue grows. PE metrics remain non‑standard because of negative earnings (PE ratio -1,596.01), while forward EPS and forward PE remain negative, limiting valuation signals tied to earnings multiples.
Balance sheet and liquidity position provide visible support: cash and short‑term investments $880.211M, cash ratio 3.74 and current ratio 4.47 indicate strong near‑term coverage of liabilities (total current liabilities $235.198M). Total debt $434.959M produces debt‑to‑assets 38.86% and debt‑to‑EBITDA ~143.7, signaling leverage in relation to current earnings but manageable given the cash balance and operating runway assumptions implicit in the cash position.
Key valuation and ratio context: price‑to‑book 3.87 sits below the industry peer mean price‑to‑book 8.39 and median 6.33; enterprise multiple stands elevated at 389.29 while enterprise value $1.178B and EVR 10.16 reflect commercialization value embedded in market metrics. WMDST values the stock as under‑valued.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 452.7 M |
| Operating Cash Flow | $ 15.9 M | |
| Capital Expenditures | $ -786.00 K | |
| Change In Working Capital | $ 7.4 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 32.2 M | |
| End Period Cash Flow | $ 484.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 115.9 M | |
| Forward Revenue | $ 342.5 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 M | |
| Depreciation | $ 1.0 M | |
| Depreciation and Amortization | $ 1.0 M | |
| Research and Development | $ 73.9 M | |
| Total Operating Expenses | $ 118.9 M | |
| PROFITABILITY | ||
| Gross Profit | $ 114.8 M | |
| EBITDA | $ 3.0 M | |
| EBIT | $ 2.0 M | |
| Operating Income | $ -3.00 M | |
| Interest Income | $ 3.6 M | |
| Interest Expense | $ 2.5 M | |
| Net Interest Income | $ 520.0 K | |
| Income Before Tax | $ -514.00 K | |
| Tax Provision | $ 294.0 K | |
| Tax Rate | 40.0 % | |
| Net Income | $ -808.00 K | |
| Net Income From Continuing Operations | $ -808.00 K | |
| EARNINGS | ||
| EPS Estimate | $ 0.02 | |
| EPS Actual | $ -0.02 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -200.0 % | |
| Forward EPS | $ -0.19 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 419.8 M | |
| Total Current Assets | $ 1.1 B | |
| Cash and Short-Term Investments | $ 880.2 M | |
| Cash | $ 484.9 M | |
| Net Receivables | $ 95.3 M | |
| Inventory | $ 7.8 M | |
| Long-Term Investments | $ 18.5 M | |
| LIABILITIES | ||
| Accounts Payable | $ 26.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 235.2 M | |
| Net Debt | — | |
| Total Debt | $ 435.0 M | |
| Total Liabilities | $ 699.6 M | |
| EQUITY | ||
| Total Equity | $ 419.8 M | |
| Retained Earnings | $ -819.11 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.25 | |
| Shares Outstanding | 50.866 M | |
| Revenue Per-Share | $ 2.28 | |
| VALUATION | Market Capitalization | $ 1.6 B |
| Enterprise Value | $ 1.2 B | |
| Enterprise Multiple | 389.293 | |
| Enterprise Multiple QoQ | 474.895 % | |
| Enterprise Multiple YoY | -305.865 % | |
| Enterprise Multiple IPRWA | IMCR: 389.293 high: 148.972 median: 38.141 mean: 19.856 low: -178.99 |
|
| EV/R | 10.165 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.667 | |
| Asset To Liability | 1.6 | |
| Debt To Capital | 0.509 | |
| Debt To Assets | 0.389 | |
| Debt To Assets QoQ | -4.385 % | |
| Debt To Assets YoY | -3.641 % | |
| Debt To Assets IPRWA | high: 0.833 IMCR: 0.389 mean: 0.281 median: 0.223 low: 0.0 |
|
| Debt To Equity | 1.036 | |
| Debt To Equity QoQ | -6.379 % | |
| Debt To Equity YoY | -7.779 % | |
| Debt To Equity IPRWA | high: 1.704 IMCR: 1.036 mean: 0.303 median: 0.098 low: -0.777 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.868 | |
| Price To Book QoQ | -3.555 % | |
| Price To Book YoY | -9.29 % | |
| Price To Book IPRWA | high: 18.326 mean: 8.391 median: 6.334 IMCR: 3.868 low: -9.25 |
|
| Price To Earnings (P/E) | -1596.012 | |
| Price To Earnings QoQ | -1384.712 % | |
| Price To Earnings YoY | 860.89 % | |
| Price To Earnings IPRWA | high: 160.554 median: 40.973 mean: 20.564 low: -176.575 IMCR: -1596.012 |
|
| PE/G Ratio | 14.778 | |
| Price To Sales (P/S) | 14.006 | |
| Price To Sales QoQ | -5.361 % | |
| Price To Sales YoY | -17.166 % | |
| Price To Sales IPRWA | high: 559.892 mean: 54.716 median: 20.828 IMCR: 14.006 low: 0.983 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -172.923 | |
| Forward PE/G | 1.601 | |
| Forward P/S | 5.176 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -10.119 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.106 | |
| Asset Turnover Ratio QoQ | 6.086 % | |
| Asset Turnover Ratio YoY | 13.96 % | |
| Asset Turnover Ratio IPRWA | high: 0.511 mean: 0.116 IMCR: 0.106 median: 0.105 low: 0.0 |
|
| Receivables Turnover | 1.314 | |
| Receivables Turnover Ratio QoQ | -4.495 % | |
| Receivables Turnover Ratio YoY | -10.885 % | |
| Receivables Turnover Ratio IPRWA | high: 4.472 median: 1.538 mean: 1.444 IMCR: 1.314 low: 0.058 |
|
| Inventory Turnover | 0.136 | |
| Inventory Turnover Ratio QoQ | 134.289 % | |
| Inventory Turnover Ratio YoY | -20.058 % | |
| Inventory Turnover Ratio IPRWA | high: 2.707 mean: 0.492 median: 0.453 IMCR: 0.136 low: 0.029 |
|
| Days Sales Outstanding (DSO) | 69.432 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -4181.052 | |
| Cash Conversion Cycle Days QoQ | 595.841 % | |
| Cash Conversion Cycle Days YoY | 92.43 % | |
| Cash Conversion Cycle Days IPRWA | high: 1415.294 median: 197.717 mean: 179.216 low: -771.823 IMCR: -4181.052 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.142 | |
| CapEx To Revenue | -0.007 | |
| CapEx To Depreciation | -0.766 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 814.0 M | |
| Net Invested Capital | $ 814.0 M | |
| Invested Capital | $ 814.0 M | |
| Net Tangible Assets | $ 419.8 M | |
| Net Working Capital | $ 815.8 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.742 | |
| Current Ratio | 4.469 | |
| Current Ratio QoQ | 6.894 % | |
| Current Ratio YoY | -24.171 % | |
| Current Ratio IPRWA | high: 31.351 mean: 4.801 IMCR: 4.469 median: 3.163 low: 0.34 |
|
| Quick Ratio | 4.436 | |
| Quick Ratio QoQ | 6.981 % | |
| Quick Ratio YoY | -24.321 % | |
| Quick Ratio IPRWA | high: 16.477 IMCR: 4.436 mean: 2.803 median: 2.737 low: 0.811 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 143.693 | |
| Cost Of Debt | 0.347 % | |
| Interest Coverage Ratio | 0.796 | |
| Interest Coverage Ratio QoQ | -85.129 % | |
| Interest Coverage Ratio YoY | -127.873 % | |
| Interest Coverage Ratio IPRWA | high: 533.0 mean: 42.233 median: 2.337 IMCR: 0.796 low: -1501.103 |
|
| Operating Cash Flow Ratio | -0.074 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 5937.137 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.414 % | |
| Revenue Growth | 8.671 % | |
| Revenue Growth QoQ | 311.924 % | |
| Revenue Growth YoY | 99.379 % | |
| Revenue Growth IPRWA | high: 278.717 % mean: 15.349 % median: 11.617 % IMCR: 8.671 % low: -242.388 % |
|
| Earnings Growth | -108.0 % | |
| Earnings Growth QoQ | -23.765 % | |
| Earnings Growth YoY | -64.0 % | |
| Earnings Growth IPRWA | high: 185.714 % median: 13.636 % mean: 12.799 % IMCR: -108.0 % low: -155.294 % |
|
| MARGINS | ||
| Gross Margin | 99.061 % | |
| Gross Margin QoQ | -0.534 % | |
| Gross Margin YoY | 0.124 % | |
| Gross Margin IPRWA | high: 100.0 % IMCR: 99.061 % median: 79.764 % mean: 78.086 % low: -3.536 % |
|
| EBIT Margin | 1.726 % | |
| EBIT Margin QoQ | -88.72 % | |
| EBIT Margin YoY | -123.553 % | |
| EBIT Margin IPRWA | high: 103.704 % median: 22.839 % IMCR: 1.726 % mean: -92.864 % low: -3750.867 % |
|
| Return On Sales (ROS) | -2.584 % | |
| Return On Sales QoQ | -137.866 % | |
| Return On Sales YoY | -82.982 % | |
| Return On Sales IPRWA | high: 74.372 % median: 30.748 % IMCR: -2.584 % mean: -75.531 % low: -3837.989 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 15.1 M | |
| Free Cash Flow Yield | 0.933 % | |
| Free Cash Flow Yield QoQ | -194.721 % | |
| Free Cash Flow Yield YoY | -39.533 % | |
| Free Cash Flow Yield IPRWA | high: 13.067 % IMCR: 0.933 % median: 0.852 % mean: 0.544 % low: -26.527 % |
|
| Free Cash Growth | -197.339 % | |
| Free Cash Growth QoQ | 250.993 % | |
| Free Cash Growth YoY | -101.064 % | |
| Free Cash Growth IPRWA | high: 175.34 % mean: 20.583 % median: 1.424 % IMCR: -197.339 % low: -249.171 % |
|
| Free Cash To Net Income | -18.74 | |
| Cash Flow Margin | -15.044 % | |
| Cash Flow To Earnings | 21.584 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | -0.074 % | |
| Return On Assets QoQ | -106.101 % | |
| Return On Assets YoY | -92.418 % | |
| Return On Assets IPRWA | high: 20.575 % median: 0.317 % IMCR: -0.074 % mean: -4.032 % low: -44.847 % |
|
| Return On Capital Employed (ROCE) | 0.226 % | |
| Return On Equity (ROE) | -0.002 | |
| Return On Equity QoQ | -105.827 % | |
| Return On Equity YoY | -92.757 % | |
| Return On Equity IPRWA | high: 0.462 median: 0.006 IMCR: -0.002 mean: -0.104 low: -0.887 |
|
| DuPont ROE | -0.199 % | |
| Return On Invested Capital (ROIC) | 0.147 % | |
| Return On Invested Capital QoQ | -92.744 % | |
| Return On Invested Capital YoY | -120.22 % | |
| Return On Invested Capital IPRWA | high: 30.797 % median: 3.876 % IMCR: 0.147 % mean: -0.275 % low: -27.378 % |
|