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Immunocore Holdings Ltd (IMCR) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Immunocore Holdings Ltd $6.03, price $29.71, upside -79.7%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Healthcare · US · ISIN US45258D1054

IH Immunocore Holdings Ltd logo Thin data Oct 1, 2026

Immunocore Holdings Ltd

IMCR · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $6.03 · Strongly overvalued (−79.7%)
!Quality 41/100
!Expensive Growth (revenue 5y +58.1 %/yr)
!Loss-making · -4.2% net margin (TTM)
!Moderate debt · negative free cash flow
!Mixed vs. peers (4/10)
!Narrow moat 14/100
!Evidence only low, so the estimate is less certain
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$75.36 $18.94 Fair Value $6.03 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 1, 2026.

How to read this chart

60‑month range $18.94 – $75.36 · fair‑value band $3.98 – $7.54 · the $29.71 price screens above the $6.03 fair value. Dashed = 300-day average. As of Oct 1, 2026.

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Company profile

Immunocore Holdings plc, together with its subsidiaries, engages in the development and commercialization of immunomodulating medicines for patients with cancer, infectious diseases, and autoimmune disease in the United States, Europe, and internationally. The company offers KIMMTRAK for the treatment of unresectable or metastatic uveal melanoma.

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Immunocore Holdings plc, together with its subsidiaries, engages in the development and commercialization of immunomodulating medicines for patients with cancer, infectious diseases, and autoimmune disease in the United States, Europe, and internationally. The company offers KIMMTRAK for the treatment of unresectable or metastatic uveal melanoma. It also develops oncology programs, including tebentafusp which is in Phase 3 clinical trial for the treatment of advanced cutaneous melanoma and adjuvant uveal melanoma; brenetafusp which is in Phase 3 clinical trial for the treatment of first-line advanced cutaneous melanoma and in Phase 1/2 clinical trial for the treatment of various tumor types; IMC-R117C which is in Phase 1/2 clinical trial for the treatment of advanced solid tumors, such as colorectal cancer; and IMC-P115C which is in Phase 1 clinical trial for patients with tumors that express PRAME. In addition, the company is involved in the development of IMC-M113V which is in Phase 1 clinical trial for a potential functional cure of human immunodeficiency virus; and IMC-I109V which is in Phase 1 clinical trial for a potential functional cure of hepatitis B virus. Further, it develops IMC-S118AI which is in pre-investigation stage for the treatment of type 1 diabetes; and IMC-U120AI which is in pre-investigation stage for the treatment of atopic dermatitis. The company was founded in 1999 and is headquartered in Abingdon, the United Kingdom.

Stock analysis

Immunocore Holdings Ltd (IMCR) currently trades at $29.71, while our model-based Fair Value estimate is $6.03, 79.7% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 96/100, which puts the evidence level at low.

Scenario range: $3.98 (bear) to $7.54 (bull), the price of $29.71 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 41/100 (below-average quality), in the Healthcare sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Immunocore Holdings Ltd reported revenue of $298M in FY2025 versus $27.0M in FY2021, a compound +82.1%/yr. Reported net income was −$26.4M in FY2025.

Key figures

Market cap $1.5B · P/S ratio 3.62 · EPS (TTM) $−0.3600 · Net margin −8.9% · Return on equity −4.5% · Return on assets (EBIT) −11.3% · Operating margin −2.6% · Revenue (TTM) $431M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 26% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at 10% fair-value upside, at −80%, IMCR screens richer than that median.

Fair Value models

Bear $3.98 Fair Value $6.03 Bull $7.54
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
NCAV (Graham) $3.70 $4.96 $7.40 54
All 1 models by family
Asset-Based
NCAV (Graham) $3.70 $4.96 $7.40 54

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Quality Score breakdown

Overall quality 41/100

Of which business quality 40 · Market factors (momentum, volatility) 40

Profitability 14
Margins and returns on capital today
Quality Growth 73
Are margins and returns improving?
Cashflow 4
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 68
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+20.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+58.1%
Start year 2020 (pandemic). Over 10 years: +38.5% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+51.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−286.2% (2020) → −11.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

IMCR screens overvalued: fair value 80% below the price. Compare with Vertex Pharmaceuticals Incorporated →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 625 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 40 · Below median
Fair Value upside −80.3% · Bottom 25%
Profitability
Return on assets −0.2% · Above median
Net margin (TTM) −4.2% · Below median
Operating margin (TTM) −2.6% · Below median
Growth and dividend
Revenue growth 18.3% · Above median
Balance sheet
Debt / equity 1.03× · Highest 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 4.09× · Priciest 25%
P/S (TTM) 3.61× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)92 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)48 · sector 97
DIVIDEND (yield)0 · sector 22

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $527.67 $580.44 +10%
Regeneron Pharmaceuticals, Inc REGN $752.25 $1,275 +69%
argenx SE ARGX $959.49 $918.60 −4%
CSL Limited CSL A$175.35 A$192.89 +10%
Samsung Biologics Co 207940 1,354,000 KRW 1,489,400 KRW +10%
BeOne Medicines AG ONC $360.85 $280.94 −22%
Alnylam Pharmaceuticals, Inc ALNY $255.96 $217.88 −15%
Royalty Pharma plc RPRX $58.21 $19.01 −67%
Celltrion, Inc 068270 177,400 KRW 74,519 KRW −58%
WuXi Biologics (Cayman) Inc 2269 HK$53.00 HK$58.30 +10%

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Immunocore Holdings Ltd · Fair Value
$6.03 −80%Fair Value
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Cite: Fair Value Calculator (2026). "Immunocore Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/IMCR

Frequently asked questions

Is Immunocore Holdings Ltd (IMCR) overvalued or undervalued?
As of Oct 1, 2026, our model estimates a fair value of $6.03 versus a price of $29.71, about −80% upside (overvalued).
What is the fair value of IMCR?
Our model-based fair value for Immunocore Holdings Ltd is $6.03 (as of Oct 1, 2026), built from audited fundamentals. The current price: $29.71.
What is the quality score of IMCR?
Immunocore Holdings Ltd has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Immunocore Holdings Ltd (IMCR)?
Our model-based price target is the fair value of $6.03 (as of Oct 1, 2026) from 1 valuation models. Cautious scenario $3.98, optimistic scenario $7.54. It is a calculation from audited fundamentals, not an analyst target.
What is the Immunocore Holdings Ltd stock forecast for 2026?
Our models put fair value at $6.03, about −80% upside versus a price of $29.71 (overvalued). Cautious scenario $3.98, optimistic scenario $7.54. The calculation is refreshed regularly with new filings.
What is the revenue of Immunocore Holdings Ltd (IMCR)?
Immunocore Holdings Ltd reported trailing-twelve-month revenue of about $431M (latest available figure, as of Oct 1, 2026).
What is the intrinsic value of Immunocore Holdings Ltd (IMCR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Immunocore Holdings Ltd it is $6.03 per share (as of Oct 1, 2026), against a price of $29.71. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Immunocore Holdings Ltd stock overvalued or undervalued in 2026?
As of Oct 1, 2026, IMCR trades above its calculated fair value: price $29.71, fair value $6.03, a gap of about −80% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IMCR?
No. The price is what the market pays today ($29.71); the fair value is what the company's own numbers justify ($6.03). For Immunocore Holdings Ltd the two are $23.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Immunocore Holdings Ltd worth?
The market values Immunocore Holdings Ltd at about $1.5B (market capitalisation, as of Oct 1, 2026). Per share that is $29.71; our models calculate a fair value of $6.03 per share.
What do the bullish and bearish scenarios say about IMCR?
Our models span a range for Immunocore Holdings Ltd: cautious scenario $3.98, base $6.03, optimistic $7.54 per share (as of Oct 1, 2026, price $29.71). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Immunocore Holdings Ltd (IMCR)?
Balance-sheet figures for Immunocore Holdings Ltd (as of Oct 1, 2026): return on equity −4.5%, debt of 1.03 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is IMCR from its 52-week high?
Immunocore Holdings Ltd trades at $29.71, about 26% below its 52-week high of $40.22 and 7% above the low of $27.79 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $6.03 is for.
Which stocks are comparable to Immunocore Holdings Ltd?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Immunocore Holdings Ltd stock attractive at the current price?
The data as of Oct 1, 2026: price $29.71, calculated fair value $6.03 (−80%), Quality Score 41/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IMCR calculated?
We run Immunocore Holdings Ltd through 1 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $6.03, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Immunocore Holdings Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Immunocore Holdings Ltd (IMCR)?
The closing price on Oct 2, 2026 was $29.71. Our model-based fair value is $6.03, about −80% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Immunocore Holdings Ltd right now?
The price sits above even our optimistic bull case ($7.54). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($3.98 to $7.54) leaves room in how you read the outcome.

Key figures of Immunocore Holdings Ltd

How large is the market capitalisation of Immunocore Holdings Ltd (IMCR)?
The market capitalisation of Immunocore Holdings Ltd is $1.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Immunocore Holdings Ltd (IMCR)?
The price-to-sales ratio of Immunocore Holdings Ltd is 3.62 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Immunocore Holdings Ltd (IMCR)?
Earnings per share at Immunocore Holdings Ltd are $−0.3600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Immunocore Holdings Ltd (IMCR)?
The net margin of Immunocore Holdings Ltd is −8.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Immunocore Holdings Ltd (IMCR)?
The return on equity (ROE) of Immunocore Holdings Ltd is −4.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Immunocore Holdings Ltd (IMCR)?
On an EBIT basis the return on assets of Immunocore Holdings Ltd is −11.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Immunocore Holdings Ltd (IMCR)?
The operating margin of Immunocore Holdings Ltd is −2.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Immunocore Holdings Ltd (IMCR)?
Revenue at Immunocore Holdings Ltd is growing +18.3% versus a year earlier (3y avg +27.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Immunocore Holdings Ltd (IMCR)?
Earnings per share at Immunocore Holdings Ltd are growing +150% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Immunocore Holdings Ltd (IMCR) generate?
The free cash flow of Immunocore Holdings Ltd is −$11.2M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Immunocore Holdings Ltd (IMCR) hold?
Immunocore Holdings Ltd holds more cash than debt, $31.0M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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