Immunocore initiated with an Outperform at Leerink

Leerink initiated coverage of Immunocore with an Outperform rating and $74 price target. Immunocore is a commercial-stage company considered a pioneer in the field of T-cell receptor-based therapeutics. In 2022, KIMMTRAK, Immunocore’s gp100 targeted TCR bispecific program, received FDA approval in uveal melanoma, becoming the first soluble TCRbased therapeutic to reach the market. Immunocore continues to look to expand its reach beyond this initial program and indication, with several TCR-based platforms aimed to treat cancers, infectious diseases, and autoimmune diseases, the firm notes. Of these efforts, Leerink believes the investor focus is primarily on the company’s PRAME targeting IMC-F106C program, for which encouraging data have been disclosed to date, and initial Phase I melanoma expansion cohort data are expected at the American Society of Clinical Oncology 2024 Annual Meeting.