ASX 200 stock Telix Pharmaceuticals Ltd (ASX: TLX) has been having a top run on the market lately.
Telix shares have risen nearly 32% in a month and are currently fetching $9.30. In today's trade, Telix shares are up 4.44%. In contrast, the S&P/ASX 200 Health Care Index (ASX: XHJ) is down 0.31% today.
Let's take a look at what has been weighing on the Telix share price recently.
What is going on?
Telix is a global clinical-stage biotechnology developing targeted radiation therapy to treat cancer.
Investors appear to have reacted to multiple price-sensitive updates delivered to the market in the last month.
Telix recently revealed its customer receipts lifted 15% during the first quarter of 2023 to $83.2 million. Revenue rose 27% to $100.1 million.
A major highlight of these results was news that the US market demand for the company's Illuccix diagnostic imaging agent for prostate cancer is continuing to grow. Revenue from US sales of Illuccix rose 27% quarter on quarter to $97.5 million. This follows the US Food and Drug Administration (FDA) expanding the label indication for Illuccix as advised in March.
On 17 April, Telix announced the successful preclinical development of radiolabelled Olaratumab. This is an antibody licenced from Eli Lilly and Company (Lilly). The company said:
Telix has demonstrated proof-of-concept (PoC) of using olaratumab to selectively deliver both diagnostic and therapeutic radiation to tumours as a radiopharmaceutical moiety and has produced a candidate for clinical translation.
Telix will now progress to first-in-human clinical studies based on these highly encouraging results.
In early April, Telix shares rose amid progress on making Illuccix available in the UK and Europe. Illuccix is already approved for use in Australia, the United States, New Zealand and Canada. Telix filed a Marketing Authorisation Application (MAA) for Illuccix in the United Kingdom.
Telix also noted it is processing a separate MAA application for the European Union. The company's EMEA CEO Raphael Ortiz said:
Telix is committed to ensuring widespread access to commercially available gallium-based PSMA-PET imaging across the EU and UK.
Telix share price snapshot
The Telix Pharmaceuticals share price has returned 91% in the last year.
This ASX 200 stock has a market capitalisation of about $2.9 billion.
