Immunocore Holdings plc shares have risen 21.2% over the past 12 weeks, driven by growing demand for its sole marketed product Kimmtrak and progress in its late-stage pipeline. Second-quarter 2026 revenues increased 18.3% year over year to $115.9 million, while first-half 2026 Kimmtrak sales rose 16% to $222.6 million. The drug is approved in 39 countries and launched in more than 30, with five-year overall survival data showing 16% for Kimmtrak versus 8% for the control arm in metastatic uveal melanoma. The lead pipeline asset brenetafusp is in a registrational phase III study for first-line advanced cutaneous melanoma, and top-line data from a phase III label-expansion study for Kimmtrak in advanced cutaneous melanoma are expected as early as the end of 2026. Despite the rally, the stock trades at 3.3 times forward sales, above the sub-industry average of 2.0 times, and carries a Zacks Rank of 3, or Hold, with weak Style Scores across value, growth, and momentum.
