An entry written while the outcome is still unknown. It will be scored by what the market does next, and it will never be edited to look cleverer than it was.
In plain words · 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…
VERDICT
The label
Markup
read at $34.96
Immunocore Holdings plc holds its Markup at $34.96.
PHPhase · the trend structure carries the Markup label
INInsiders · no filings inside 60 days, left as found
POPositioning · no disclosures inside 60 days, left as found
OPOptions · no verdict drawn today, left as found
SCScreen · passes the values gate
edge confirmed
edge broken
edge forming
Each arm is one independent read. Conviction is not a single call, it is how many edges converge.
INVESTOR
The investor read · the season, not the day
As held on the ledger · 2026-07-19
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 235 days
Price
$34.96
Valuation
N/A trailing · -55.94 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.73
OPPORTUNITY
The opportunity · what the numbers say it is worth
Read at
$34.96
N/A P/E · -55.94 fwd
Our fair value
$61.00
75% discount
Analyst target (avg)
$61.00
+74% to current
Target low $34.00Analyst target rangeTarget high $100.00
▲ current $34.96 · | average target
Price history & projections · where it has been, where the models see it going
The valuation journey · where the price sits against fair value and the Street
Current
$34.96
you are here
Conservative
$34.00
-3%
Analyst avg
$61.00
+74%
Our fair value
$61.00
+74%
Analyst high
$100.00
+186%
Green marks levels above today's price, red below; the shaded band is the gap between the price and our fair value.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Revenue growth
13.60%
Profit margin
-6.68%
Debt to equity
110.67
Analyst consensus
Buy · 12 covering
Fair value and rating are our own model estimates; target range reflects third-party analyst estimates. Analysis, not advice.
SCREEN
The values screen, explained · five checks, plain English
This company clears both standards. There are two widely recognised ways to check whether a company is suitable for a Muslim investor. Here is how it did on each:
The common standard· AAOIFI Used by most halal investing apps✓ PASSES
Our stricter standard· asset-based The one Titan applies✓ PASSES
Business activityIts core business isn't built on prohibited lines — no gambling, alcohol, tobacco, weapons, or interest-based lending.Pass
Debt loadInterest-bearing debt is of its assets, above the one-third ceiling the screen allows.Fail
Interest-bearing cashInterest-bearing cash and securities are of assets, above the one-third limit.Fail
ReceivablesMoney owed to the company is of assets, above the 49% limit.Fail
Revenue purityOnly 0.0% of revenue comes from non-compliant sources — under the 5% line.Pass
Every security is read against two recognised standards: our stricter asset-based screen (ratios measured against total assets) and the more widely used market-value standard (measured against market capitalisation). Where they agree we say so plainly; where they part ways — almost always on the debt check — we show both readings and mark it, because that disagreement is the finding, not a fault. We report the score; you and your scholar make the call.
PLAIN
The business, in plain words · what the numbers mean
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.
PEERS
Related securities · others in IMCR's space worth a look
Screened names in the same industry · explore each on its own page.
TRADE
Where & how to trade · wherever in the world you are
IMCR trades on Nasdaq (the company is based in United Kingdom). As a US-listed security it is accessible through almost any international broker offering US markets. New to this, or investing from outside the US? Our guide to accessing global markets covers brokers, currencies and the practical steps.
TRADER
The trader read · the latest dated commentary
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. Entered 2026-07-18 · Distribution
JOURNAL
The dated journal · newest first, never edited
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.
RETURNS
What holding actually paid · price plus dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$28.85
-2.9%
·
$971
-2.9%
2 months
$31.05
-9.8%
·
$902
-9.8%
3 months
$31.04
-9.7%
·
$903
-9.7%
6 months
$35.80
-21.7%
·
$783
-21.7%
1 year
$35.93
-22.0%
·
$780
-22.0%
2 years
$40.44
-30.7%
·
$693
-30.7%
3 years
$56.99
-50.8%
·
$492
-50.8%
5 years
$39.20
-28.5%
·
$715
-28.5%
Historical returns from market close data. Past performance does not guarantee future results.
SEALED
This entry now belongs to the ledger. Whatever IMCR does next, these words stay.
Immunocore Holdings plc · IMCR · Markup · $34.96
Recorded 2026-07-19 · before the outcome · scored mechanically
