Telix on the buy list at Jarden
Shares in cancer biotech Telix Pharmaceuticals are up 51.5 per cent for the year, having gained 2.5 per cent for the session after Jarden initiated coverage of the stock with a “buy” rating.
Telix is developing a range of new cancer imaging and treatment products, targeting prostate and kidney cancers. The business hopes to get its first US approval for its prostate cancer imaging drug in December.
In a note to clients, analyst Steve Wheen says the company has a target price of $7.90 and an enterprise valuation of $2.1 billion. He pointed to the growing M&A activity in the pharmaceuticals sector, where a number of companies working on similar projects have been bought for up to $US3.9 billion.
“In comparison to a number of those acquisitions, in our view Telix has a greater, more advanced and more competitive pipeline of [molecular-targeted radiation] products,” he said.
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