Telix Pharmaceuticals Ltd (ASX: TLX) shares have been gaining momentum in 2026.
The ASX healthcare share is up 18% over the past month and 40% since the start of the year. While the stock remains down 36% over the past 12 months, investors have become increasingly optimistic about the company's prospects.
That renewed confidence appears to extend well beyond retail investors.
According to an ASX filing released today, global investment giant Vanguard Group recently acquired 17.7 million Telix shares, lifting its voting power to 5.2%.
The sizable position suggests Vanguard sees value in the healthcare company despite its strong recent rally.
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Why are Telix shares attracting attention?
Telix specialises in radiopharmaceuticals, a fast-growing area of healthcare that combines targeted imaging and therapeutic technologies to help diagnose and treat diseases such as cancer.
The company has built expertise across research, development, manufacturing, and commercialisation, creating significant barriers to entry for potential competitors.
Developing radiopharmaceutical products requires specialised facilities, regulatory approvals, and distribution capabilities that are difficult and expensive to replicate.
That gives Telix shares a competitive advantage in a market expected to experience strong long-term growth.
Positive news flow continues
Investor sentiment has improved considerably in recent months following a series of encouraging announcements.
In late February, Telix secured a key regulatory approval filing in Europe, an important milestone as the company expands its commercial footprint internationally.
Momentum continued in April when the company announced that the US Food and Drug Administration had accepted its New Drug Application for TLX101-Px (Pixclara®).
The FDA's acceptance represents a significant step towards potential commercialisation and broadens the company's pipeline opportunities.
These developments have helped rebuild investor confidence following a challenging period for Telix shares.
Strong financial performance
The company's financial results have also strengthened the investment case.
In April, Telix reported first-quarter 2026 group revenue of US$230 million. That represented an 11% increase on the previous quarter and a 23.7% rise compared to the prior corresponding period.
Management of Telix shares continues to guide for strong growth, supported by its expanding Precision Medicine business, and a growing portfolio of radiopharmaceutical products.
Importantly, the company continues to invest heavily in research and development, helping advance multiple late-stage programs and future growth opportunities.
Vanguard and analysts see further upside
Vanguard is not alone in its optimism.
According to TradingView data, the majority of analysts covering the ASX healthcare share currently rate it as a strong buy.
The most bullish price target stands at $31.64 per share, implying potential upside of approximately 101% from current levels.
Meanwhile, Morgans has a $24.33 price target on the stock, suggesting upside of around 55%.
While no investment is without risk, Vanguard's decision to build a sizeable position suggests one of the world's largest fund managers believes Telix's growth story is far from over.
