H.C. Wainwright reiterates Telix Pharmaceuticals stock rating on trial completion

H.C. Wainwright has reaffirmed a Buy rating and set a $20.00 price target for Telix Pharmaceuticals Ltd (NASDAQ:TLX) following the company's announcement of trial enrollment completion for its Phase 3 BiPASS trial. The stock is currently trading at $10.85, indicating significant upside potential. Telix has completed enrollment of 350 patients in the trial, which assesses Illuccix and Gozellix plus MRI against standard care for detecting prostate cancers.

The company has also aligned with the FDA on a New Drug Application pathway, which, if approved, would facilitate reimbursement as a new product and increase patient access. In the current diagnostic approach, men with elevated prostate-specific antigen levels are often recommended for MRIs, which can be inconclusive. A subsequent prostate template biopsy, commonly involving 12 to 20 needle biopsies, is often the next step, even for low-risk patients.

Over 1 million such biopsies are performed annually in the U.S., with up to 75% yielding negative results. One in four patients refuse recommended biopsies. In the first half of 2026, Telix reported a 22% increase in revenue to AUD 477 million, driven by strong demand for its precision medicine products Illuccix and Gozellix. Net profit after tax reached AUD 38 million, with EBITDA growing by 146% to AUD 52 million.

Management has, however, decided to maintain its full-year revenue guidance. Investors and analysts are closely monitoring these developments as they reflect the company's ongoing growth and market demand.