Telix Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Tara Bancroft from TD Cowen maintained a Buy rating on the stock and has a A$35.00 price target.
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Tara Bancroft has given her Buy rating due to a combination of factors influencing Telix Pharmaceuticals’ performance. The company reported a robust Q3 total revenue of $206 million, which surpassed expectations, driven by a 3% increase in PSMA diagnostic volume despite facing pricing pressures. These pressures, initially heightened by the loss of transitional pass-through status, are now showing signs of stabilization, which bodes well for future revenue consistency.
Moreover, Telix has raised its revenue guidance for the year, projecting a midpoint increase to $800-820 million, supported by the stabilization of pricing pressures. The recent granting of Transitional Pass-Through status for Gozellix by CMS is expected to mitigate future impacts on the prostate diagnostics franchise. This strategic positioning, along with anticipated pipeline updates over the next year, suggests potential value generation, reinforcing the Buy recommendation.
In another report released today, Morgan Stanley also maintained a Buy rating on the stock with a A$25.40 price target.