Jefferies downgraded Immunocore to Hold from Buy with a price target of $33, down from $48, after assuming coverage of the name. While Immunocore has a real product in Kimmtrak, uveal melanoma is a moderate total addressable market and its sales are approaching peak, the analyst tells investors in a research note. Jefferies says the shares upside from here requires pipeline success while Immunocore's "shots on goal look risky."
