Telix shares fall as analysts downgrade stock
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The news: Telix Pharmaceuticals shares have fallen after Bell Potter downgraded the stock to ‘hold’ from ‘buy’.
The numbers: Telix shares fell 2.29% to $14.70 by 2:53pm AEST. Over the past 12 months they've surged 40.49%.
Despite the recommendation downgrade, Bell Potter did not change its target price of $14.50 for the stock.
The context: Bell Potter analysts said that while the short-term outlook for revenue growth from its diagnostics assets remained attractive, its prostate cancer treatment carried significant clinical risk.
What they said: The analysts noted that it expected an efficacy measure for the drug within the next two to three months but a “poor clinical readout has the potential to materially impact the share price and accordingly we downgrade from buy to hold on the basis of valuation, noting this is the first recommendation downgrade since our initiation coverage in 2021”.
The source: Bell Potter research
