Telix Pharmaceuticals Ltd (ASX: TLX) shares have climbed further into the green in Thursday morning trade.
At the time of writing, the shares are up around 0.5% for the day and trading at $13.57 a piece. The latest increase means Telix shares have now rebounded over 11% from the latest dip in early June, and are now 57% higher from a three-year low recorded in mid-February. For the year to date, Telix shares are now 19% higher.
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What has happened to Telix shares this year?
Telix shares tumbled 24% at the start of the year after some disappointing financial results. News of delayed regulatory approvals for key radiopharmaceutical products also dampened investor sentiment.
But it looks like February was a turning point for Telix, and its share price started climbing higher.
The rebound came off the back of a series of good-news announcements out of the biotech company.
In late February, the company confirmed that it had filed for a key regulatory approval in Europe.
Later in March, Telix posted several announcements about its growth and development plans.
In early April, Telix announced that the FDA had accepted its NDA for TLX101-Px (Pixclara®) and also announced a major collaboration with US-based Regeneron Pharmaceuticals.
It also announced a 56% increase in revenue and issued FY26 guidance in the range of US$950 million to US$970 million.
How high can the shares go?
I think there is plenty more room for Telix shares to run this year. And it looks like brokers agree too.
Market Index data shows that all analysts have a strong buy consensus on Telix shares, with a 74% upside to an average target price of $23.60.
It's a very similar story on TradingView, although analysts expect the share price to climb even higher.
All 17 analysts have a buy or strong buy rating on the shares. The average $24.23 target price implies a potential 80% upside, while the maximum $30.92 target price suggests the stock could climb 129%. That's more than double the current trading price.
What's more, I think we could start to see these gains sooner rather than later.
Here's why.
What could drive Telix shares higher this year?
It's clear that analysts still view Telix shares as significantly undervalued.
Morgans has a $24.33 price target on the healthcare stock and recently said that industry consolidation could spark additional interest in the company's shares.
The broker commented that recent news flow on its convertible note refinancing, solid 1Q26 sales, and collaboration with American biotech company Regeneron suggests there is plenty happening at Telix.
There are also several potential milestones ahead for Telix this year, including FDA clearance for its Zircalix kidney cancer imaging production and Pixclara for brain cancer imaging.
There is plenty of potential ahead for the remainder of 2026.
