Up 55% in 2026! Why this ASX healthcare stock is climbing again

This ASX healthcare stock is extending its strong 2026 run.

The Telix Pharmaceuticals Ltd (ASX: TLX) share price is back on the move on Thursday.

At the time of writing, the ASX healthcare stock is up 2.56% to $17.46. 

That continues a strong run for shareholders, with Telix shares now up around 34% over the past month and 55% since the start of 2026. 

The latest gain comes after the company released another update this morning, this time linked to one of its late-stage cancer programs. 

Here are the details.

A woman researcher holds a finger up in happiness as if making the 'number one' sign with a graphic of technological data and an orb emanating from her finger while fellow researchers work in the background.

Image source: Getty Images

FDA feedback clears next step

According to the release, Telix has reached an agreement with the FDA to move ahead with the next part of its ProstACT Global Phase 3 study in the US.

The study is looking at TLX591-Tx, a targeted radiation treatment being developed for a serious form of prostate cancer. 

This type of prostate cancer has spread to other parts of the body and keeps growing, even after treatment to reduce male hormone levels.

Telix said the FDA reviewed safety data from the first part of the trial, including how much radiation was delivered to patients. 

The regulator confirmed the data was enough for Telix to move into Part 2 of the study in the US.

Part 2 is the randomised stage of the trial. It will test TLX591-Tx alongside existing prostate cancer treatments, including abiraterone, enzalutamide, or docetaxel. 

What comes after the FDA review

Keep in mind, this isn't a product approval. Telix still needs to run the larger trial and prove the treatment works.

Telix said the FDA agreed with the proposed clinical protocol and statistical framework across 3 standard-of-care treatment groups. 

That gives the company a clearer plan for how the next part of the study will run and how the results will be measured. 

It also helps Telix keep building the trial in the US, while recruitment continues in other approved regions.

However, the company said Part 2 of the study still needs one more FDA review before it can begin. 

What makes the treatment different?

The treatment is aimed at PSMA, which is often found on prostate cancer cells.

Telix describes TLX591-Tx as an antibody-based treatment, whereas other radiopharmaceutical therapies use a small molecule approach.

The idea is to send radiation directly to the cancer cells being targeted. 

Telix says the therapy is delivered over about 2 weeks and may be able to fit into existing treatment plans without too much disruption.

Can the rally continue?

After a 34% gain in a month, Telix shares may need a breather.

The FDA update is positive, but the market is likely to focus on the data from the larger study from here.

Until those results come through, the share price may move sideways as investors wait for the next major update.

 

Motley Fool contributor Aaron Teboneras 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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