Immunocore downgraded to Neutral from Outperform at Mizuho

Mizuho downgraded Immunocore (IMCR) to Neutral from Outperform with a price target of $38, down from $72, following the Q3 update. The downgrade is based on lowered confidence in brenetafusp, Immunocore’s second-most advanced asset that targets PRAME, the analyst tells investors in a research note. The firm lowered its probability of success and peak market share assumptions in ovarian cancer and non-small cell lung cancer, for which an anticipated Q4 readout has been delayed. It now sees limited visibility on news flow over the next 12 months that could drive share outperformance for Immunocore.