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Baird initiated coverage of Immunocore (NASDAQ:IMCR) with an outperform rating, calling a “rare find” in the smid-cap biotech space due to its growing top-line, “meaningful” near-term catalysts and “substantial” cash runway.
Baird said it was “encouraged” by Immunocore’s leadership position in the T cell receptor space, with the success of its lead product Kimmtrack providing “clinical and commercial validation to Immunocore’s story.”
The investment firm also said it saw “several potential upside drivers on the horizon,” with risk/reward skewed to the upside.
“In turbulent market conditions, we anticipate capital will flow towards smid-cap biotech companies with staying power and believe Immunocore’s position as a revenue generating biotech with 3+ years of cash runway should lead capital to flow towards this story,” Baird added.
Baird set its price target for the stock at $84.