The Telix Pharmaceuticals Ltd (ASX: TLX) share price is cratering today despite the company’s silence.
The plunge follows yesterday’s tumble that saw the biotech stock close 7.42% lower.
At the time of writing, the Telix Pharmaceuticals share price is $4.09, 13.71% lower than its previous close.
For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.45%.
The company’s fall comes despite analysts at Wilsons flagging they’re still bullish on the company. They’ve noted its a stock worth looking at, reports The Motley Fool Australia’s Tony Yoo.
So, without further ado, let’s take a look at what could be weighing on the ASX 200 newbie’s shares on Friday.
What’s dragging on the Telix Pharmaceuticals share price?
The Telix Pharmaceuticals share price is in the red once more today despite no news having been released by the company. However, the market did hear from it on both Tuesday and Wednesday.
First, the company announced that the buildout of its Beligian radiopharmaceutical production facility has begun.
To fund the development, the company has secured an $18.2 million loan and applied for $3 million of grants. The first stage of the build is expected to cost $21.2 million.
Then, it released news its glioblastoma multiforme therapy candidate TLX101 has progressed to the next stage of clinical development – a phase 1 dose escalation study.
The Telix Pharmaceuticals share price gained 1.4% on Tuesday and 2.2% on Wednesday, before plummeting towards the end of the week.
It’s a similar story to the recent performance of the S&P/ASX 200 Health Care Index (ASX: XHJ). It fell 0.61% yesterday and it’s currently down another 0.71%. Telix Pharmaceuticals is the sector’s weight today.
Also worth noting, the company’s short-selling interest has risen from approximately 1% this time last month to 2.25% as of the most recent data. That means more market participants are expecting the stock to go lower.
So far since last Friday’s close, the company’s stock has tumbled nearly 20%. It’s worth noting, it gained 4.5% last week.
Though, the Telix Pharmaceuticals share price is likely used to being in the red. It has fallen 50% since the start of 2022. Still, it’s only 9% lower than it was this time last year.
That’s despite the company taking the place of the formerly-listed Sydney Airport in the ASX 200 in February.
The post Why is the Telix Pharmaceuticals (ASX:TLX) share price plunging 14%? appeared first on The Motley Fool Australia.
Should you invest $1,000 in Telix Pharmaceuticals right now?
Before you consider Telix Pharmaceuticals , 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 Pharmaceuticals wasn’t one of them.
The online investing service he’s run for over 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 January 13th 2022
More reading
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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.
from The Motley Fool Australia https://ift.tt/oJZvyLs
Leave a Reply