Immunocore downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Immunocore (IMCR) to Equal Weight from Overweight with a price target of $35, down from $74. While the firm continues to give full credit for Kimmtrak, it has lowered its assumptions on launch timing and pricing for brenetafusp, given disappointing data earlier this year in cutaneous melanoma and ovarian cancer. The analyst sees limited upside potential from additional brenetafusp updates as the company continues signal detection in metastatic NSCLC and combination in earlier line NSCLC