Recent News
On August 6, 2026 Immunocore reported second-quarter 2026 financial results and provided a business update, noting five-year overall survival data for KIMMTRAK presented at AACR 2026; the company had announced the timing of the Q2 results on July 30, 2026 and recently flagged participation at investor conferences in September 2026.
Technical Analysis
ADX / DI+ / DI-: ADX at 30.61 indicates a strong underlying directional move. DI+ peaked and reversed, a bearish directional shift; DI- dipped then reversed, which also reads as bearish. Together these directional indicators point to a recent loss of bullish directional conviction despite the stronger trend reading.
MACD: MACD shows a peak-and-reverse pattern, signaling bearish momentum, even though the MACD value (0.91) sits marginally above its signal line (0.88), representing a short-term bullish crossover that lacks confirmation from the trend reading.
MRO (Momentum/Regression Oscillator): MRO at 31.5 sits positive, which implies the price presently trades above the calculated target and therefore faces potential downward pressure; the MRO has peak-and-reversed, reinforcing the momentum warning.
RSI: RSI at 60.11 with a dip-and-reversal indicates renewed upward momentum in relative strength, but the level remains only mildly elevated rather than overbought, tempering the bullishness.
Moving averages, Ichimoku and Bollinger context: Price closed at $37.37, above the 12-day EMA ($36.49), 20-day average ($36.45) and the 50-day average ($34.20). The price sits just below the 1x upper Bollinger band ($37.44). Ichimoku Tenkan (35.73) and Kijun (34.99) lie below price and the cloud (Senkou A 32.61 / Senkou B 31.93) sits well under current levels, supporting an overall technical bias to the upside that conflicts with select momentum indicators.
Volume & volatility: Recent volume (220,688) runs below the 10/50/200-day averages, indicating muted participation on the latest price moves while 42-day and 52-week volatility remain low (0.02), implying consolidation with potential for directional expansion if momentum reasserts.
Fundamental Analysis
Top-line and growth: Total revenue stood at $115,927,000. YoY revenue growth equals 99.38%, and QoQ revenue growth equals 311.92%, showing rapid top-line expansion on the provided period basis.
Profitability: Gross margin registers at 99.061%, well above the industry peer mean of 78.086% and consistent with a high-margin commercial therapy. Operating margin equals -2.584% and EBIT margin equals 1.726%; the EBIT margin sits above the industry peer mean (‑92.864%) but below the industry peer median (22.839%). QoQ change in EBIT margin shows a -88.72% move and YoY change shows -123.55%, indicating sizeable short-term contraction from recent comparators on the provided metric.
Earnings and cash flow: Reported EPS was -$0.02 versus an estimate of $0.02, a negative surprise of $0.04 (EPS surprise ratio -200%). Operating income recorded -$2,996,000 while EBITDA reached $3,027,000. Operating cash flow $15,928,000 with free cash flow $15,142,000 yields a free cash flow yield near 0.93% on the provided basis; WMDST’s free cash flow assessment flags contraction in growth rates year-over-year.
Balance sheet and leverage: Cash stood at $484,920,000 with cash and short-term investments of $880,211,000. Current ratio equals 4.47 and quick ratio 4.44, showing substantial near-term liquidity. Total debt equals $434,959,000 with debt-to-equity of 1.036 (103.6%) and debt-to-EBITDA ~143.7, indicating meaningful leverage relative to current operating cash flow levels.
Valuation context: Market capitalization measures $1,623,641,330 while enterprise value equals $1,178,389,330 and an EV-to-revenue ratio near 10.16. Price-to-book sits at 3.87 (below the industry peer mean of 8.39), price-to-sales ~14.01, and the analyst price-target mean of $39.79 sits approximately 6.5% above the $37.37 close. The current valuation as determined by WMDST: 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 % |
|