OXFORDSHIRE, England - Immunocore Holdings (NASDAQ:IMCR) announced updated results from a Phase 1/2 trial evaluating brenetafusp in patients with heavily pretreated advanced melanoma, according to a company press release statement. The biotechnology company, with a market capitalization of $1.47 billion, has seen its shares trade near their 52-week low of $27.55, currently priced at $28.89.
The trial enrolled 66 patients treated with brenetafusp monotherapy at target doses ranging from 20 to 320 micrograms. Results showed a median overall survival of 14.3 months with a 6-month survival rate of 87% and a 12-month survival rate of 57%. The disease control rate was 52% and the overall response rate was 12%.
The data was presented in a poster at the 2026 American Society of Clinical Oncology Annual Meeting on Sunday.
Patients treated with the 160 microgram dose showed numerically higher clinical benefit measures compared to those receiving 40 micrograms. The company stated these findings support the selection of 160 micrograms for its ongoing Phase 3 PRISM-MEL-301 trial, which is evaluating brenetafusp combined with nivolumab versus standard nivolumab regimens in first-line advanced melanoma.
The trial included patients with unresectable or metastatic melanoma who were HLA-A02:01-positive and previously treated with anti-PD-(L)1 therapy. For patients with primary PD-1 resistance, defined as progression within six months of starting anti-PD1 treatment, median overall survival was 14.7 months.
In a separate arm, 10 patients received brenetafusp in combination with pembrolizumab, showing numerically higher response rates compared to monotherapy.
The most common treatment-related adverse events included cytokine release syndrome at 56%, rash at 44%, pyrexia at 44%, and chills at 38%. The most frequent Grade 3-4 treatment-related adverse event was transient decreased lymphocyte count at 25%. Three patients discontinued treatment due to adverse events.From a financial perspective, Immunocore generated revenue of $412.81 million in the last twelve months as of Q1 2026, representing revenue growth of nearly 24%. The company maintains a healthy current ratio of 4.18, with liquid assets exceeding short-term obligations. InvestingPro’s Financial Health Score rates the company as "GOOD" overall, with particularly strong marks in relative value metrics.
Brenetafusp is a bispecific protein built on Immunocore’s ImmTAC technology, designed to redirect the immune system to recognize and kill cancer cells.
In other recent news, Immunocore Holdings reported its first-quarter results for 2026, with Kimmtrak revenue showing a 2% increase quarter-over-quarter and a 14% rise year-over-year, aligning with market expectations. Jefferies, acknowledging these results, raised its price target for Immunocore to $34 from $33, maintaining a Hold rating, while noting that the uveal melanoma market is nearing its peak. On the other hand, Mizuho adjusted its price target downward to $34 from $38, citing trimmed revenue projections but kept a Neutral rating on the stock. H.C. Wainwright reiterated its Buy rating with a $100 price target, highlighting that KIMMTRAK’s market penetration has reached or exceeded 70%, with a real-world therapy duration of about 14 months. Meanwhile, Jefferies also downgraded Immunocore from Buy to Hold, reducing the price target to $33 from $48, due to concerns about revenue nearing peak levels in the uveal melanoma market. Additionally, Jefferies maintained a Hold rating amidst competition, as Ideaya Biosciences is set to release clinical trial data for a competing treatment. These developments reflect differing analyst perspectives on Immunocore’s market position and future revenue potential.
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