Telix Pharmaceuticals Ltd (ASX: TLX) shares closed 1.3% lower on Tuesday afternoon, at $15.78 a piece.
The decline means the shares have now fallen just over 9% over the past week, sparking concerns that the rebound is now over for Telix shares.
The biopharmaceutical stock tumbled to a multi-year low of $8.63 in mid-February, before recovering over 100% in early July.
The shares are now up around 39% for the year-to-date.
But they're still roughly 33% lower than trading levels seen 12 months ago, and 48% lower than an all-time high recorded in early 2025.
Image source: Getty images
What caused the rebound?
Telix shares turned a corner in February this year after 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 biotech company 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.
Then in early July, the company confirmed it has reached an agreement with the FDA to move ahead with the next part of its ProstACT Global Phase 3 study in the US, developed to target prostate cancer.
Why have Telix shares now started tumbling again?
It's not clear why Telix shares have been tumbling over the past week. There has been no price-sensitive news out of the company to explain the latest sell off.
It's most likely a combination of investors taking gains off the table after a strong rally, and a shift in sentiment for ASX healthcare shares overall.
Reignition of conflict in the Middle East has caused a fresh wave of uncertainty across markets, with investors again rotating into more defensive sectors.
Is there any upside left for Telix shares?
According to the experts, there should be a lot more to come from Telix shares over the next 12 months.
TradingView data shows that 15 out of 16 analysts have a buy or strong buy rating on the shares. One more has a hold rating. They all agree we'll see some upside ahead too.
The average $25.01 target price implies a potential 59% upside at the time of writing. But the more bullish of the bunch forecast the shares to rocket another 101% to $31.65 over the next 12 months.
Morgans has a $24.33 price target on the healthcare stock and said that industry consolidation could spark more interest in Telix shares.
The broker said that recent news flow on its convertible note refinancing, solid sales figures, and collaboration with Regeneron suggests there is plenty happening at Telix.
There are also several potential milestones ahead for the company this year, including FDA clearance for its Zircalix kidney cancer imaging production and Pixclara for brain cancer imaging.
