IMCR Immunocore Holdings plc Insider Trading

Head of R&D David M Berman completely exits 31,913 shares ($1.3M) at Immunocore, ending 100% of holdings

David M Berman, Head of R&D at Immunocore Holdings plc, executed 2 separate sales totaling 31,913 shares for $1,284,748.74 on December 4–5, 2025, exiting his entire position. The blended average transaction price of $40.26 was executed near the 52-week high of $40.22, with current price now at $38.11. His cross-ticker track record shows a 100.00% well-timed rate on 16 prior sells (average 90d return -34.2%), but same-ticker history is less conclusive—5 prior trades at IMCR show recent measurable 30-day outcomes ranging from -8.6% to -10.7%, with no completed 90-day outcomes yet. The company remains unprofitable on a full-year basis despite +29.9% annual revenue growth, adding context to an R&D executive's complete departure from equity holdings.

Head of R&D David Berman sells all 74,925 shares (100%) for $3.0M at $40.12, exiting full position

Berman's complete liquidation of 74,925 shares across 2 separate sales on 2025-11-26 and 2025-11-28 represents a full exit from his holdings at a blended average price of $40.12, currently trading 6.3% below that peak near 52-week high. His 5 prior sales at IMCR (September through February 2024) each declined within 30 days, with the February 2024 sale showing a 90-day loss of -32.7%. The company remains unprofitable despite strong top-line growth of +29.9%, and revenue stands at $103.7M with a negative net income of $-177.0K in the latest quarter. A complete share position liquidation by the head of R&D warrants examination of whether operational or strategic challenges preceded this exit.

Head of R&D David M. Berman fully exits 61.8K IMCR shares worth $2.2M at $35.23; stock up 9.4% in 30 days.

David M. Berman, Head of R&D at Immunocore, executed a complete liquidation of his 61.8K share position on 2025-09-30 for $2,178,940.27 total value, reducing his holdings to zero. The stock closed at $35.29 as of the filing date, versus the $35.23 transaction price, with recent momentum of +9.4% over the 30-day period and +6.9% over 90 days. Berman has demonstrated strong cross-ticker timing discipline historically: his 13 prior open-market sales across all holdings showed a 100.00% well-timed rate at the 90-day mark, with an average 90-day return of -34.2%, indicating his sells routinely preceded stock declines. At Immunocore specifically, his prior two measurable sales (2024-02-28) both moved into negative territory within 90 days (-31.5% and -32.7% respectively), establishing a pattern of well-timed exits at this issuer. The company remains unprofitable (latest year net income: $-10,300,000.00) despite revenue growth of +29.9% year-over-year, which frames this full-position liquidation by a senior R&D executive during a period of near-term price strength.

Head of R&D Berman sells entire 50.4K-share position in IMCR for $1.8M across 3 transactions at avg $36.20

David M Berman, Head of R&D, liquidated his entire 50,419-share position in three separate transactions on 2025-09-10 and 2025-09-11, realizing $1,824,967.24 at a blended average price of $36.20. The current stock price of $35.24 stands 8.8% below the 52-week high of $38.65, reflecting recent downward price movement. Berman's transaction pattern is noteworthy: his prior trades at IMCR (5 prior sells, all on 2024-02-27/28) show a 100% rate of well-timed outcomes at the 90-day mark, with 90-day returns ranging from -31.5% to -36.0%, indicating he has consistently sold ahead of subsequent declines at this ticker. His cross-ticker track record shows a 90d well-timed rate of 100.00% across 10 prior sells, with an average 90d return of -34.2%. The complete liquidation of a meaningful position by the Head of R&D—a role with deep insight into pipeline and competitive dynamics—combined with this demonstrated historical pattern of selling before declines, warrants investor scrutiny of near-term catalyst risks and R&D program status.

Baker Bros. Advisors bought 807,338 shares for $24.0M at blended avg $29.72, raising stake to 2.14M shares (+60.4%)

Baker Bros. Advisors LP (Director) executed 4 separate purchases on 2025-03-17 totaling 807,338 shares for $23,993,223.80 at a blended average price of $29.72, materially expanding its stake in Immunocore Holdings plc from 1.34M to 2.14M shares (+60.4% vs pre-transaction holdings). The transaction occurred when the stock trades at $28.71 current price, which is 55.8% below its 52-week high of $65.00 and down 3.0% over 30 days. Across Baker Bros.' broader open-market history, prior buys have averaged +761.2% 30-day returns and achieved a 66.67% 90-day win rate, though such cross-ticker track records may not replicate at any single ticker. The company's latest quarter revenue was $80.2M with net income of $8.7M, annual revenue growth of +29.9%, yet the company was unprofitable over its most recent full fiscal year—a structural tension that contextualizes the depressed valuation relative to historical highs but leaves near-term profitability path unclear.