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Investing.com - H.C. Wainwright lowered its price target on Telix Pharmaceuticals Ltd (NASDAQ:TLX) to $20.00 from $23.00 on Thursday, while maintaining a Buy rating on the stock. The revised target still suggests significant upside from the current price of $9.69, with InvestingPro data showing strong analyst consensus maintaining a Buy rating and price targets ranging from $20.07 to $23.91.
The price target adjustment follows Telix’s September 9 announcement that it has dosed the first patient in its Phase 3 BiPASS trial, which aims to expand indications for its Illuccix and Gozellix products to include prostate cancer diagnosis.
H.C. Wainwright noted that adding a prostate cancer diagnosis indication could significantly expand the U.S. market for Illuccix and Gozellix by approximately 800,000 scans, potentially increasing the total addressable market by about $3.2 billion.
The firm highlighted current diagnostic challenges, pointing out that more than 1 million prostate biopsies are performed annually in the U.S., with up to 75% yielding negative results and one in four patients refusing recommended biopsies.
The price target reduction reflects H.C. Wainwright’s expectation of higher operating expenses for Telix moving forward, though the firm maintained its positive outlook on the company’s growth potential.
In other recent news, Telix Pharmaceuticals has announced the commencement of a Phase 3 clinical trial for its Illuccix and Gozellix imaging agents, aiming to enhance prostate cancer diagnosis. The trial, named BiPASS, will investigate the combination of MRI and PSMA-PET imaging to potentially improve diagnostic accuracy and reduce the need for invasive biopsies. In another development, the U.S. Food and Drug Administration issued a Complete Response Letter concerning Telix’s investigational PET imaging agent, TLX250-CDx. The FDA highlighted deficiencies in the Chemistry, Manufacturing, and Controls package, requesting additional data to ensure comparability between clinical trial and commercial manufacturing processes. Meanwhile, H.C. Wainwright initiated coverage on Telix Pharmaceuticals with a Buy rating and set a price target of $23.00. The firm praised Telix for its diversified portfolio of radiotherapy agents, emphasizing its standalone position in the radiopharmaceuticals market. These developments reflect ongoing advancements and challenges for Telix Pharmaceuticals in the healthcare sector.
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