<div id="readability-page-1"><div><ul> <li>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. </li> <li>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.</li> <li>We'll explore how promising Phase 1 trial evidence for IMC-I109V could reshape Immunocore Holdings’ investment narrative moving forward.</li> </ul><p>The end of cancer? These 29 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer's.</p><h2>Immunocore Holdings Investment Narrative Recap</h2><p> 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. </p> <p> 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. </p> <p> 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... </p> <p>Read the full narrative on Immunocore Holdings (it's free!)</p><p>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.</p><p>Uncover how Immunocore Holdings' forecasts yield a $62.20 fair value, a 73% upside to its current price.</p><h2>Exploring Other Perspectives</h2><figure><img height="476" src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/edea9913-d917-4ad7-b10e-3a17b28ddda2/chart/community-fair-value?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="746" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/edea9913-d917-4ad7-b10e-3a17b28ddda2/chart/community-fair-value"/><figcaption>IMCR Community Fair Values as at Nov 2025</figcaption></figure> <p> 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. </p><p>Explore 3 other fair value estimates on Immunocore Holdings - why the stock might be worth over 6x more than the current price!</p><h2>Build Your Own Immunocore Holdings Narrative</h2><p>Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.</p><ul><li>A great starting point for your Immunocore Holdings research is our analysis highlighting 3 key rewards that could impact your investment decision.</li><li>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.</li></ul><h2>Seeking Other Investments?</h2><p>These stocks are moving-our analysis flagged them today. 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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.</em></p></div></div>

IMCR

<p>Immunocore Holdings' stock rose 7.3% following positive Phase 1 trial results for its hepatitis B candidate, IMC-I109V, and improved Q3 financials. The trial showed IMC-I109V was well tolerated and reduced hepatitis B surface antigen levels. Despite optimism, KIMMTRAK's sales plateau remains a risk. Revenue is projected to reach $551.3 million by 2028, with a fair value estimate of $62.20 per share, offering a 73% upside. Investors should consider pipeline success and reliance on KIMMTRAK for future growth.</p>

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