15 Worst 52-Week Low Stocks to Buy Now According to Short Sellers

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5. Immunocore Holdings plc (NASDAQ:IMCR)

52 Week Range: $32.37 – $76.98

Current Share Price: $34.21

Short % of Shares Outstanding: 13.76%

Number of Hedge Funds holding stakes as of Q2 2024: 24

Headquartered in Abingdon, the United Kingdom, Immunocore Holdings plc (NASDAQ:IMCR) is a commercial-stage biotechnology company that develops therapies for treating cancer and infectious and autoimmune diseases. Its lead product is KIMMTRAK for the treatment of metastatic melanoma.

The stock is trading near its 52-week lows, underlining underperformance over the past year. The underperformance comes against the backdrop of the company delivering solid financial results. Immunocore Holdings experienced significant growth in its financial results in Q2 and the first half of 2024, mainly due to the success of its oncology drug, KIMMTRAK.

Immunocore Holdings plc (NASDAQ:IMCR) delivered a 34% rise in KIMMTRAK’s net sales, hitting $146 million in the first half of the year and a 7% revenue growth for the second quarter. These recent achievements are mainly credited to the U.S. market.

One of the reasons the stock has underperformed amid the stellar quarterly results is because of uncertainty over its clinical trials. The company is currently undertaking a Phase 2 trial of KIMMTRAK in advanced cutaneous melanoma patients and a Phase 3 trial of PRISM-MEL301.

Immunocore Holdings plc (NASDAQ:IMCR)’s reliance on one product for revenues in a highly competitive landscape where new drugs are increasingly cropping up continues to rattle the stock’s sentiments. It’s ranked as one of the worst 52-week low stocks to buy now, according to short sellers, owing to heightened volatility in the biotech industry where innovation and research breakthroughs are always susceptible to regulatory hurdles. Consequently, the stock has been left exposed to a high short interest rate of 13.76%.

According to Insider Monkey, by the end of Q2 2024, 24 out of 912 tracked hedge funds held stakes in Immunocore Holdings plc (NASDAQ:IMCR). The biggest shareholder is Baker Bros. Advisors, led by Julian and Felix Baker, with shares worth $51.35 million.

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