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Immunocore HoldingsIMCR +1.42%76 PB Ratio is 4.51 as of Jul. 18, 2026, which is 16% below its 10-year median of 5.35. GuruFocus rates IMCR with a GF Score™ of 76/100 and a GF Value™ of $46.25 (Modestly Undervalued). The stock has 3 warning signs investors should review. Among 1,227 Biotechnology companies, Immunocore Holdings ranks worse than 66.18% on this metric.
The historical rank and industry rank for Immunocore Holdings's PB Ratio or its related term are showing as below:
IMCR'
s PB Ratio Range Over the Past 10 Years
Min: 3.53 Med: 5.35 Max: 20.74
Current: 4.51
During the past 8 years, Immunocore Holdings's highest PB Ratio was 20.74. The lowest was 3.53. And the median was 5.35.
IMCR's PB Ratio is ranked worse than 66.18% of 1227
companies
in the Biotechnology industry
Industry Median: 2.82
vs IMCR: 4.51
During the past 12 months, Immunocore Holdings's average Book Value Per Share Growth Rate was 2.70% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 2.20% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 21.30% per year.
During the past 8 years, the highest 3-Year average Book Value Per Share Growth Rate of Immunocore Holdings was 126.20% per year. The lowest was 2.20% per year. And the median was 32.70% per year.
Back to Basics: PB Ratio
Immunocore Holdings (NAS:IMCR) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Immunocore Holdings PB Ratio Related Terms
Immunocore Holdings PB Ratio Historical Data
* Premium members only.
The historical data trend for Immunocore Holdings's PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Biotechnology subindustry, Immunocore Holdings's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Immunocore Holdings PB Ratio vs Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Immunocore Holdings's PB Ratio distribution charts can be found below:
* The bar in red indicates where Immunocore Holdings's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Immunocore Holdings (IMCR) has a PB Ratio of 4.51 as of Jul. 18, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Immunocore Holdings and its competitors. This is 16% below median its historical median of 5.35. Over the past decade, Immunocore Holdings' PB Ratio has ranged from 3.53 to 20.74. According to the industry distribution chart, Immunocore Holdings ranks #812 out of 1227 companies in the Biotechnology industry, placing it in the top 66.2%.
Is Immunocore Holdings' PB Ratio too high?
Immunocore Holdings' current PB Ratio of 4.51 is 16% below median its 10-year median of 5.35. Over the past 10 years, this metric has ranged from a low of 3.53 to a high of 20.74. The Biotechnology industry median PB Ratio is 2.82. Immunocore Holdings' value of 4.51 is 59.9% above this industry median. Based on the distribution chart, Immunocore Holdings ranks #812 out of 1227 companies in the Biotechnology industry, which is below the industry midpoint. Overall, Immunocore Holdings has a GF Score™ of 76/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Immunocore Holdings' PB Ratio compare to MAZE and DMRA?
According to the Biotechnology industry distribution chart, Immunocore Holdings ranks #812 out of 1227 companies for PB Ratio. This places Immunocore Holdings in the lower half of its industry. The industry median PB Ratio is 2.82. Immunocore Holdings' value of 4.51 is 59.9% above this benchmark. Historically, Immunocore Holdings' own PB Ratio has ranged from 3.53 to 20.74 over the past decade. While the company's 10-year median is 5.35 vs. the industry median of 2.82, Immunocore Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Biotechnology company?
The median PB Ratio among Biotechnology companies is 2.82, based on 1,227 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Immunocore Holdings's current PB Ratio of 4.51 is 59.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Immunocore Holdings and its competitors. For the Biotechnology industry, the median PB Ratio is 2.82 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Immunocore Holdings's current PB Ratio is 4.51, which is 16% below median its own 10-year median of 5.35. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Immunocore Holdings stock overvalued right now?
Based on GuruFocus' analysis, Immunocore Holdings (IMCR) is currently considered Modestly Undervalued. The stock's GF Value™ is $46.25, compared to a current price of $34.96 — trading 24.4% below its estimated fair value. The current PB Ratio is 4.51, which is 16% below median its 10-year median of 5.35 and 59.9% above the Biotechnology industry median of 2.82. Immunocore Holdings' overall GF Score™ is 76/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Immunocore Holdings (IMCR), the current PB Ratio is 4.51 as of Jul. 18, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Immunocore Holdings (IMCR) Overvalued in 2026?
Based on GuruFocus' analysis, Immunocore Holdings stock appears to be undervalued.
The current stock price of $34.96 is trading 24.4% below its estimated GF Value™ of $46.25.
GuruFocus considers Immunocore Holdings to be Modestly Undervalued.
Key valuation signals for IMCR:
PB Ratio: 4.51 (16% below median its 10-year median of 5.35)
GF Value™: $46.25 vs. price of $34.96 (24.4% below fair value)
Industry Position: 59.9% above the Biotechnology median (#812 of 1227)
No single metric tells the full story. See the IMCR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Immunocore Holdings PLC is a commercial-stage biotechnology company. Using its ImmTAX platform, the company is developing a deep pipeline in multiple therapeutic areas, including clinical stage programs in oncology and infectious disease, pre-clinical programs in autoimmune disease, and earlier pre-clinical programs across three therapeutic areas. The company's main product, KIMMTRAK, is used for the treatment of unresectable or metastatic uveal melanoma (mUM). The other drug candidates in its pipeline include Brenetafusp, IMC-P115C, IMC-T119C, IMC-R117C, IMC-S118AI, IMC-U120AI, and others, being developed as a potential treatment for various oncology, infectious, and autoimmune diseases.
76GF Score
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