IMCR Jumps 21.2% in 3 Months as Kimmtrak Growth Fuels More Momentum

IMCR’s 3-Month Rally Puts Growth in Focus

IMCR shares have climbed more than 20% over the past 12 weeks. That compares with gains of 6.4% over four weeks and 0.6% over one week, making the longer recent advance the clearest feature of the stock's price performance.

The business backdrop has also improved. Second-quarter 2026 revenues increased 18.3% year over year to $115.9 million as Kimmtrak volumes rose in the United States and international markets. Still, the available data do not establish that these developments directly caused the share-price rally.

Kimmtrak Gives IMCR a Durable Commercial Engine

Kimmtrak remains Immunocore's only marketed product and its sole revenue source. Sales rose 16% year over year to $222.6 million in the first half of 2026, following nearly 29% growth in 2025. The drug is approved in 39 countries and has been launched in more than 30.

Longer-term clinical evidence supports its position in metastatic uveal melanoma. Five-year follow-up from the pivotal phase III study showed overall survival of 16% with Kimmtrak versus 8% for the control arm, while median overall survival was 21.6 months versus 16.9 months.

IMCR’s Pipeline Adds Upside Beyond Kimmtrak

Brenetafusp is the lead pipeline asset beyond Kimmtrak. The registrational phase III PRISM-MEL-301 study is evaluating brenetafusp with Opdivo, or nivolumab, from Bristol Myers BMY in first-line advanced cutaneous melanoma.

The pipeline also includes Kimmtrak label-expansion opportunities. Top-line data from the phase III TEBE-AM study in advanced cutaneous melanoma are expected as early as the end of 2026. Merck MRK, whose Keytruda, or pembrolizumab, is approved in melanoma, is also relevant to this treatment landscape because brenetafusp has been studied in combination with pembrolizumab in earlier-stage development.

Valuation Could Limit IMCR’s Next Leg Higher

IMCR trades at 3.3X forward 12-month sales, above the Zacks sub-industry's 2.0X and the sector's 2.2X. That premium raises the bar for continued commercial growth and successful execution across late-stage programs.

The multiple is not elevated relative to Immunocore's own history. Its five-year median stands at 9.7X, with a five-year range of 2.8X to 49.8X. The current valuation therefore looks richer than near-term industry benchmarks but well below the stock's historical midpoint.

IMCR’s Mixed Signals Temper the Momentum Case

The 21.2% 12-week gain is meaningful, but the stock's broader indicators are less supportive. IMCR currently carries a Zacks Rank #3 (Hold), which points to a more neutral short-term earnings-estimate backdrop than a top-ranked stock.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Its Value Score is D, while the Growth Score, Momentum Score and VGM Score are all F. As Zacks Style Scores are designed to complement the Zacks Rank, these weak grades suggest that IMCR currently lacks favorable characteristics across several major investing styles. Kimmtrak growth and clinical catalysts remain important, but the Rank and Style Scores argue for a measured view of the recent momentum.

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This article originally published on Zacks Investment Research (zacks.com).

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