Why is the Telix Pharmaceuticals share price soaring 11% today?

The Telix Pharmaceuticals share price is rocketing on Friday. But why?

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The Telix Pharmaceuticals Ltd (ASX: TLX) share price is racing higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) biopharmaceutical company closed yesterday at $15.74. At the time of writing, shares are trading 10.6% higher at $17.41 after touching a high of $17.44 apiece in early trade.

For some context, the ASX 200 is up 0.44% at this same time, while the S&P/ASX 200 Health Care Index (ASX: XHJ) is up 1%.

Here's what's grabbing investor interest today.

ASX 200 healthcare share rockets on trial results

Investors are bidding up the Telix Pharmaceuticals share price today after the company announced positive results from its ProstACT SELECT clinical cancer trial.

Telix is testing the efficacy of TLX591, an investigational anti-PSMA1 radio-antibody-drug conjugate (rADC) therapy. TLX591 is being developed to treat adult patients with PSMA-positive metastatic castrate-resistant prostate cancer (mCRPC).

According to the release, SELECT is a radiogenomics study intended to evaluate lesion concordance between Ga (gallium)-based PSMA-PET imaging and TLX591 dosimetry for the purpose of validating PET imaging for patient selection for rADC therapy.

(Quite a mouthful, I know!)

The company said the new positive clinical results build on prior data from the ProstACT SELECT trial, which demonstrated a favourable safety profile and biodistribution.

The study reported a median radiographic progression-free survival (rPFS) of 8.8 months, which Telix called an encouraging signal of the potential efficacy of TLX591 in this patient population.

The trial involved 23 patients with previously treated, progressive mCRPC who received two 76 mCi intravenous infusions of TLX591 14 days apart.

Commenting on the results sending the Telix Pharmaceuticals share price soaring today, Nat Lenzo, nuclear oncologist and lead recruiter of the SELECT trial, said:

We are encouraged by this rPFS result, which compares favourably to small molecule radioligand therapy (RLT) Phase I and II studies at similar stages of development.

This is a compelling signal of the potential efficacy of TLX591 in this heavily pre-treated population. The results further support the development of this candidate in an earlier mCRPC patient population which is the focus of the ProstACT Global Phase III trial and where there remains significant unmet need for effective treatment.

David Cade, chief medical officer at Telix, added:

TLX591 is a radio-ADC with significant potential advantages compared to small molecule radiopharmaceuticals in treating prostate cancer. TLX591 is differentiated by a patient-friendly dosing regimen with far lower cumulative radiation exposure compared to small molecule radioligand therapies.

The company is currently preparing to enrol patients at its first US sites for the Phase III ProstACT Global trial.

Telix Pharmaceuticals share price snapshot

With today's intraday gains factored in, the Telix Pharmaceuticals share price is up a whopping 69% so far in 2024.

But it could well have further to run.

Following on today's announcement, Wilsons has placed a $20.00 price target on Telix Pharmaceuticals shares. That represents a potential 17% upside from current levels.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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