Immunocore draws Buy at Mizuho on T cell receptor based therapies

U.K.-based biotech Immunocore Holdings (NASDAQ:IMCR) added ~4% on Friday after Mizuho Securities launched its coverage with a Buy recommendation calling the company "a leader in advancing T-cell receptor (TCR)-based therapies."

In 2022, the FDA approved Immunocore's (IMCR) lead asset Kimmtrak, a bispecific protein comprising a soluble T cell receptor, for adult patients with eye cancer uveal melanoma.

"With Kimmtrak approved last year, IMCR differentiates as being the first (and only) biotech company with an approved TCR-based therapeutic," the analyst Graig Suvannavejh wrote with a $70 per share target on the stock.

Suvannavejh notes attractiveness in the TCR space, arguing that the drug class can act on intracellular targets and offer high specificity while lowering production cost and complexity due to off-the-shelf manufacturing.

The analyst also highlighted Immunocore's (IMCR) experienced leadership team, arguing that with a "proven ability to execute, revenue already coming in, and an expected cash runway to 2026, we find IMCR well-positioned."

Read: While IMCR has added more than 64% over the past 12 months, Seeking Alpha contributor Que Capital opted to issue a Buy rating on the stock in February, citing lasting gains in its share price.