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…
FAIL · Does not pass the screen
36.75 USD
At the last full screen 2026-08-27
Screened 2026-08-27 · the tape above runs as of 10:31 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its accumulation label.
Immunocore Holdings plc holds its Accumulation at $36.75. Consolidating, no directional conviction, held for 235 days.
As held on the ledger · 2026-08-27
Phase
Accumulation
Quantitative state
Consolidating, no directional conviction, held for 235 days
Price at the screen
$36.75
Valuation
N/A trailing · -48.93 forward price to earnings
Values screen
FAIL· score 70.0
Beta
0.74
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
40.92%
Below 33%
Interest-bearing debt is 40.9% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
37.15%
Below 33%
Interest-bearing cash and securities are 37.1% of assets, above the one-third limit.
Fail
Receivables
50.75%
Below 49%
Money owed to the company is 50.8% of assets, above the 49% limit.
Fail
Revenue purity
4.12%
Below 5%
Only 4.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
Fair value range in USD, drawn from the 2026-08-27 screen. The gold marker is the market price at the same screen. A 63.3% margin of safety to the base estimate.
Third-party analyst targets: 12 covering, consensus Strong Buy. The average target sits +63% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-08-27 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Immune drug developer priced for hope but not for us
Picture a lab team racing to turn immune signals into medicines for tough cancers and infections. Immunocore already sells one approved therapy and grows revenue at 14 percent, yet it still posts a 7 percent loss margin and negative return on equity. The market values the shares at a forward multiple that reflects those losses, and our screen sees no durable edge to justify stepping in.
The 74 percent gap to our fair value looks tempting on paper, and twelve analysts lean buy with a 61 dollar median target. We pass because the business carries an unknown moat, ongoing cash burn, and typical biotech execution risks that outweigh any headline discount.
Currency moves, trial setbacks, and competition from bigger players could widen those losses before any profit appears. The ethical screen clears, yet the numbers still fail our test for a holding we would own ourselves. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to United Kingdom and to currency swings; as a biotechnology name, trial and regulatory outcomes can move it sharply either way.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
IMCR trades on Nasdaq (the company is based in United Kingdom). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The framework has shifted from markup to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 22%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it buy, with a mean price target of $63.
2026-08-02Markup · changed$34.96+20.7%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 20.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 22%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it buy, with a mean price target of $63.
2026-07-18Distribution$28.96+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 22%. Our forward projection puts the odds of a 10% gain over the next month near 18%. The street (13 analysts) rates it buy, with a mean price target of $63.
2026-07-03Distribution$28.96+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
2026-07-02Distribution$28.96Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows negative risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
