Telix has received US FDA approval for its cancer imaging tool.
The post What’s with the Telix (ASX:TLX) share price yo-yo today? appeared first on The Motley Fool Australia. –
The biotechnology company’s shares opened higher today, peaking at $8.15, before plunging to a low $7.70. At the time of writing, its shares are hovering around their previous closing price of $7.79.
Let’s take a look at what might be impacting the Telix share price today.
What did Telix announce?
In today’s announcement, Telix advised it has received the tick of approval from the US Food and Drug Administration (FDA) for its lead product, Illuccix.
The company has developed Illuccix for the diagnostic imaging of men with prostate cancer. It is the first commercially available product in the United States that provides access to what is known as gallium-68 PSMA-PET imaging.
Telix’s prostate cancer diagnostic tool has been gaining momentum for investors in recent months.
The tool will be used on prostate cancer patients at risk of metastasis and those who have a biochemical recurrence.
Tulane Cancer Centre medical director Dr Oliver Sartor was full of praise for the imaging tool.
This product offers a level of flexibility and accessibility to healthcare professionals we really haven’t seen before in this class of products, and may help us provide better patient experiences as a result.
Telix already has approval from the Therapeutic Good Administration for Illuccix in Australia. And the company is working on market authorisation in Europe and Canada.
Commenting on the announcement, Telix CEO and managing director Dr Christian Behrenbruch said:
This heralds a new era of patient and physician access to gallium-based PSMA-PET imaging and marks an important new stage for Telix as we bring our first commercial product to market in the United States.
Improved imaging can provide physicians with the insights to determine the most appropriate treatment pathway and give patients in the US access to a specific and sensitive imaging tool for the detection of prostate cancer throughout the body.
Telix share price snap shot
The Telix share price has blasted ahead by more than 102% in the past 12 months. The company’s shares have also shot up 10.5% in the past month.
The biopharmaceutical company has a market capitalisation of around $2.3 billion based on its current share price.
The post What’s with the Telix (ASX:TLX) share price yo-yo today? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Telix right now?
Before you consider Telix, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Telix wasn’t one of them.
The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of August 16th 2021
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.