Immunocore Holdings plc (IMCR) Insider, 13F Hedge Fund & Politician Buy/Sell Thermometer

Per the Roarable RQD rating, IMCR scores 24 out of 100 with a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The Fundamental Cash Engine pillar scores 2 of 20, reflecting ROIC of -35% and FCF yield of -0.93%, which indicates the business is not currently generating returns on invested capital or free cash flow relative to its market value. The Whale 13F Flow pillar scores 8 of 20, pointing to institutional accumulation and options positioning that is present but not decisive. The Insider Conviction pillar scores 3 of 20, based on SEC Form 4 and Congressional PTR cluster flow. The Macro Regime Fit pillar scores 3 of 20, with a Beta of 1.0 and a sector sensitivity noted in the rating. The Forensic Balance Sheet pillar scores 8 of 20, citing an Altman Z-Score of 1.4, a Piotroski F-Score of 5 of 9, and Debt/Equity of 0.5. For a prospective investor, the upside case rests on any future improvement in cash generation and a balance sheet that the rating describes as adequate on Debt/Equity; the valuation tradeoff is that the stock is priced at $31.27 without reported earnings-based multiples, so the investor is effectively underwriting a turnaround rather than paying for demonstrated profit. The principal risks flagged by the rating are negative ROIC, negative free cash flow yield, and a distress-zone Altman Z-Score.

Immunocore Holdings plc is a NASDAQ-listed issuer in the Health Care sector, within the Biotechnology: Biological Products (No Diagnostic Substances) industry. Per the profile, the company has a market capitalization of $1.6B. The source data does not describe its specific products, customers, or revenue model beyond the reported financial lines. Per the SEC financials, FY 2025 revenue was $400.0M against a 96% gross margin per the market data.

Per the SEC financials, revenue grew from $249.4M in FY 2023 to $400.0M in FY 2025 while operating losses narrowed from $-59.6M to $-45.4M over the same span. Per the market data, operating margin is -11.3% and net margin is -8.9%, and ROIC is -35%. Per the Roarable RQD rating, the Altman Z-Score is 1.4 and the Piotroski F-Score is 5 of 9, with Debt/Equity of 0.5. Cash was $467.7M at FY 2025 per the SEC financials, and FCF was $-15.1M in that year.

The recent news wire contains six items, all tagged to IMCR and all flagged YELLOW with impact label MARKET WIRE. The headlines reference a Q2 2026 earnings call transcript (Benzinga), analyst estimates coverage (TradingView), and multiple Simply Wall Street and Yahoo Finance pieces on a Type 1 Diabetes trial debut, a first patient dosed, and a first Type 1 Diabetes dosing question. The summaries are generic market-coverage descriptions and do not themselves state trial results, guidance, or financial figures. The Butterfly Supply-Chain Graph reports no supply-chain links and no proprietary signals, so there are no graph-derived catalysts to report.

Per the Butterfly Supply-Chain Graph, the supply chain is listed as NONE, with no butterfly links and no proprietary signals. The source data therefore does not identify upstream suppliers, downstream customers, or sector correlations for IMCR. The second-order ripples a prospective investor would want to track, such as dependency on a single trial program or partner, are not resolved by the available data.

• What specific products or trial programs drive the reported FY 2025 revenue of $400.0M, and how concentrated is that revenue?
• Why does the FY 2025 FCF of $-15.1M contrast with the FY 2024 FCF of $20.9M, and what drove the swing?
• What is the reported debt balance, since the source lists debt as N/A for every period despite a Debt/Equity of 0.5 in the rating?
• What are the EPS and earnings-based valuation multiples, which are absent from the source data?
• What did the Q2 2026 earnings call and the Type 1 Diabetes trial updates actually report in financial or clinical terms?