Top 10 at 11: ASX positive after muted open as Micro-X nets first major US supply deal
With the market opening at 10am sharp eastern time, the data is taken at 10.15am in the east, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
Cheery start to the morning
The ASX has started the day off with a quiet but positive open, dipping slightly at first before moving into positive territory.
At the time of writing, we're up 0.17% in the first hour of trade. Energy is leading gains (+0.74%) alongside healthcare, consumer discretionary, staples and financials.
Oil prices jumped 3.5% overnight to US$72.51 a barrel of brent as US President Trump threatened Russia with fresh sanctions should they fail to negotiate a ceasefire with Ukraine.
Gold also ticked up 0.4% to US$3324 an ounce and iron ore appreciated 0.3% to US$98.98 a tonne as markets anticipated more thawing in US-China relations ahead of the next round of trade talks.
Back on the ASX, the top 7 banks index is providing some support (+0.32%), while the ASX 200 Resources (-0.07%) and All Ords Gold (-0.03%) indices hover in vaguely negative territory and the All Tech retreats -0.76%.
WINNERS
Code Name Last % Change Volume Market Cap
MX1 Micro-X Limited 0.084 35% 668310 $41,366,540
SFG Seafarms Group Ltd 0.002 33% 583466 $7,254,899
SP3 Specturltd 0.016 33% 3536664 $3,802,801
BSA BSA Limited 0.12 33% 4432767 $6,777,023
ECT Env Clean Tech Ltd. 0.0025 25% 4252072 $8,030,871
MOH Moho Resources 0.005 25% 880329 $2,981,656
PIM Pinnacleminerals 0.048 20% 298948 $1,818,533
H2G Greenhy2 Limited 0.019 19% 110000 $11,006,589
IPB IPB Petroleum Ltd 0.007 17% 11020 $4,238,418
M4M Macro Metals Limited 0.007 17% 325588 $23,864,505
In the news...
Cold cathode x-ray technology specialist Micro-X (ASX:MX1) has tapped into a nationwide network of 700 hospitals, surgical centres and outpatient facilities with a new supply agreement through a major US healthcare provider, the first of its kind for the company.
MX1 will provide its Rover Plus mobile radiology system to interested facilities over an initial agreement period of three years. The company is in discussions with a second major procurement group for a similar supply agreement.
Remote surveillance company Spectur (ASX:SP3) increased both total revenue (+10%) and recurring revenue (+20%) year-on-year, bringing in positive operating cash flow of $263k for the financial year.
SP3 has been aggressively restructuring in recent months, reducing staff costs from $970k in the third quarter to $715k in the fourth. The company also ramped up R&D spending in a move to upgrade cloud infrastructure and software systems.
Pinnacle Minerals (ASX:PIM) is climbing despite launching a $1.76m share placement at $0.04 per share, a more than 25% discount on its intraday trading price of $0.054 a share. PIM is also offering a free attaching option at $0.08 each for every two shares subscribed for.
The fresh capital will go to exploration programs at the Adina East project in Quebec next door to several significant lithium projects and Pinnacle's rare earth and heavy mineral sands projects in Australia.
LAGGARDS
Code Name Last % Change Volume Market Cap
SCP Scalare Partners 0.14 -22% 15500 $7,530,304
CZN Corazon Ltd 0.002 -20% 4000000 $2,961,431
JAV Javelin Minerals Ltd 0.002 -20% 3415417 $15,630,562
AMS Atomos 0.005 -17% 31450 $7,290,111
SHE Stonehorse Energy Lt 0.005 -17% 100000 $4,106,610
ENT Enterprise Metals 0.003 -14% 150 $4,799,610
GTR Gti Energy Ltd 0.003 -14% 2271683 $13,029,292
M2R Miramar 0.0035 -13% 242500 $3,987,293
FHS Freehill Mining Ltd. 0.004 -11% 690000 $15,362,341
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News.com.au
an hour ago
- News.com.au
Dr Boreham's Crucible: Telix has homework but remains dux of radioimaging class
With multiple clinical trials and approval applications in train, nuclear medicine superstar Telix Pharmaceuticals (ASX:TLX) is like one of those irritatingly brilliant all-round students. We're thinking of the straight-A school captain who stars in the school play, whilst padding up for the First XI in between clarinet lessons. But when Goody Two Shoe's Latin grade slips to B+, panic ensues – mainly on the part of overbearing 'parents' (investors). Last month, Telix experienced the corporate version of such angst when it revealed the US Securities and Exchange Commission (SEC) had varied subpoenaed 'various documents and information'. These relate mainly to Telix's disclosures about its prostate cancer therapeutic program. While the company dubbed the entreaty a 'fact finding request', investors birched the stock by 15%. Telix has a nearer-term focus on winning US Food & Drug Administration (FDA) approval for two imaging products and says the longer-term therapy programs will continue unchanged. But the mysterious episode is not the first time that Telix has slipped up. In April, the FDA knocked back Telix's marketing application for its brain cancer (glioma) diagnostic, telling the company to do more homework. Management said the setback (by way of a Complete Response Letter) was merely temporary and the company would do what Headmaster requested. A year ago, the FDA also rejected the company's filing for its kidney cancer diagnostic Zircaix, on account of an 'unacceptable' manufacturing defect. Telix founder, CEO and head prefect Chris Behrenbruch dubbed the glitches 'relatively minor and fixable'. Indeed, the company re-filed the application and the market awaits an FDA decision by the end of the month. Telix machine is clicking along To date, Telix has derived most of its revenue in the US, from its approved prostate cancer imaging agent Illuccix. Illuccix is a kit for preparing gallium-68 gozetotide – more commonly known as a PSMA-11 injection – for positron emission tomography (PET) scans. Illuccix is used for prostate cancer patients suspected of having either metastasised growths, or a recurrence based on elevated PSA (prostate-specific antigen) levels. Elevated levels in the blood of PSA, a protein, can be a marker of prostate cancer. PSMA (prostate-specific membrane antigen) is a protein found on the surface of prostate cancer cells. Illucix is approved in 17 countries, including the US, the UK, Brazil, Germany, France, Canada and here. In March, the FDA approved second diagnostic, Gozellix (for metastatic castrate resistant prostate cancer). Telix hopes to launch Gozellix in the US in the current quarter. A bit of history Dr Behrenbruch founded Telix in 2015 out of a 'deep frustration' that there was a burgeoning interest in nuclear medicine technologies, but few commercial players. In early 2017 Telix acquired the Dresden-based radio-pharmaceutical outfit Therapeia, founded by Dr Andreas Kluge. Dr Kluge retired from the board in September last year. Telix listed in November 2017, after raising $50 million at 65 cents apiece. In November 2024 the company listed on Nasdaq, having abandoned a $300 million IPO in favour of a $650 million non-US corporate bond issue. Dr Behrenbruch was the executive director of the now defunct Factor Therapeutics and was also on the board of the very un-defunct pancreatic cancer tearaway, Amplia Therapeutics. In 2020, Telix inked a 10-year deal with China Grand Pharmaceutical, worth 'up to' US$225 million from market authorisation. The Hong Kong-based entity became the exclusive partner in greater China for any approved Telix therapy. Telix remains Melbourne based, but most of its commercial activity is in the US. Good golly, it's Gozellix In March this year the FDA approved the company's gallium isotope-based Gozellix, for PET scanning of lesions showing PSMA. While not an expansion to a completely new indication, Gozellix extends the company's US prostate cancer imaging market reach by an estimated 5-10%. Gozellix is for prostate cancer patients with suspected metastasis, who are candidates for initial definitive therapy (prostate removal or broader radiation treatment). It's also for those with suspected recurrence, based on elevated PSA levels. 'The ability to reliably deliver the product much further from its point of production means Gozellix can reach PET cameras that are currently not served by any PSMA imaging providers,' the company says. Gozellix has a longer shelf life of up to six hours, about three times more than Illucix. It can also be used on older scanning machines. On the acquisition trail To expand its repertoire and bolster its manufacturing oomph, Telix has continued an acquisitive splurge. In January Telix acquired a 'proprietary novel biologics technology' from antibody engineering company Imaginab Inc. The platform avails of small, engineered antibody formats that enable specific radiation targeting of cancer. The deal delivers a 'state-of-the-art' research facility in Los Angeles, adding to existing capacity at Sacramento, Angleton (Texas) and across the border in Vancouver. In September 2024 Telix spent $388 million to acquire RLS Radiopharmacies, to expand its North American manufacturing and distribution footprint. RLS derives revenue from providing radiopharmacy products to third party clients. In April, the company bought the Austin-based Isotherapeutics (radio-chemistry services) and the Canadian radio-isotope producer Artms Inc. Let's get clinical It's hard to do justice to Telix's extensive clinical program in a few paragraphs, but here goes … By the end of the year, the company should unveil an initial safety and dosing readout pertaining to its phase III prostate cancer therapy candidate, the lutetium-based TLX-591. The study, Prostact Global, has enrolled 30 men for the part one phase. These patients have PSMA-positive metastatic castrate-resistant prostate cancer. These men are also treated with the standard-of-care chemotherapy drugs, or the standard-of-care alone. To date, TLX-591 has been evaluated in 242 patients across eight phase I/II studies, with 'evidence of anti-tumour effect and a clear dose response profile for key measures of efficacy.' Telix also has mid-stage brain and kidney cancer therapy programs and another one for bone marrow conditioning. Telix also runs earlier stage programs for musculo-skeletal conditions including soft tissue sarcoma, bone metastases and 'pain palliation'. Readers should peruse the company 127-page investor presentation from June 11, but only if they are feeling strong. Finances and performance Telix reported revenue of US$204 million for the June 2025 quarter, up 63% year on year and a 10% increment on the March 2025 quarter. (As of January this year, the company reports in US dollars.) Sales of Illuccix accounted for US$154 million, up 25% year on year. RLS contributed US$46 million of sales, 39% higher than the March quarter. Dr Behrenbruch notes Illuccix dose volumes rose 7%, quarter on quarter. He says despite 'emerging competitive pricing pressure', Telix has 'effective strategies' to maintain average selling prices. Not irrelevantly, Gozellix in July was granted a permanent Healthcare Common Procedure Coding System code. Telix expects to obtain Transitional Pass-Through (TPT) payment status, which provides additional Medicare reimbursement to hospitals using innovative medical devices or drugs. TPT should apply from October 1 with reimbursement of around US$1000 per dose, almost twice that applying to Illuccix. In calendar 2024, Telix expended US$195 million on research and development, up 50%. This year the number should be 20-25% higher again. Telix has maintained calendar 2025 guidance of US$770-800 million, having chalked up first half revenue of US$390 million. We'll know about the innards of Telix's financials at its full-year results on August 21. Over the last 12 months Telix shares have irradiated between $17.44 (early September last year) and a record $31.14 in late January this year. In November 2017 the shares were worth 13 cents. Telix trumps tariffs with US manufacturing Telix says it won't be affected by Trump's drug pricing and tariff proposals. Given Telix's just-in-time products are made in the US out of necessity, they are as American as apple pie and a Colt AR-15 rifle under the bed. 'This will continue to be the case for new products the company expects to launch in 2025,' the company says. As for drug pricing, The Trump administration plans to benchmark certain local therapeutics against those charged in the cheapest of the industrialised nations. Telix reckons it's in the clear because 'localised production makes international pricing comparisons challenging to benchmark'. In any event, the company promises 'pharmaco-economically defensible' pricing. What the brokers say Broking analysts maintain their faith in Telix, despite the distraction of the SEC probe (if we can call it that) and stiffening prostate imaging competition. Broker Jefferies says such SEC entreaties are common, but the issues might take two years or so to resolve. UBS suggests any disclosure shortcomings may relate to Telix's dual ASX/Nasdaq listing, with the company needing to satisfy different requirements across the Pacific. On competition, UBS notes the 7% uptick in Illuccix sales shows Telix is winning market share in a hotter market. The firm believes the launch of Gozellix (and its TPT status) has relieved some of the pricing pressure. UBS values Telix at $36 a share, while Jefferies and Bell Potter plump for a $34 price target. The latter does so on the expectation of FDA approval of Zircaix. UBS says the current valuation assumes 'total scientific and clinical failure' of the therapeutic programs. Valuing the stock at $35, Wilsons says Gozellix provides 'exciting upside' and Telix has 'so many options available to it both competitively and operationally'. The only Grumpy Bob is Morningstar, which in April described Telix as overvalued by about 40%. The research house opined Telix's product pipeline remained 'commercially unproven in an increasingly competitive market'. Dr Boreham's diagnosis Telix faces a pile of homework, but we concur the company can remain dux of the radioimaging class despite the regulatory issues. We should stress that Telix is solidly profitable: UBS plugs in a net profit of $138 million for the 2024-25 year just gone, rising to $480 million within two years. Telix cites a current US prostate cancer imaging market at US$2.5-3.5 billion. But with expanded indications, this figure swells to US$6.7 billion across 1.7 million scans annually. One might think the medical world had nuclear diagnostics down pat by now, but evidently there are isotopes and there are isotopes. In the past, Dr Behrenbruch has described Zircaix as potentially bigger for Telix than Illuccix. Not that he expects the prostate business to slow down. Beyond imaging, if Telix can crack a better therapy for the key cancers in its remit, then its $7 billion market valuation looks only the start. At a glance ASX Code: TLX Share price: $18.53 Shares on issue: 338,399,059 Market cap: $6.27 billion Co-founder and CEO: Dr Christian Behrenbruch Board: Tiffany Olson(chair), Dr Behrenbruch, Dr Mark Nelson, Jann Skinner, Marie McDonald (chairman Kevin McCann retired in May 2025) Financials (June quarter 2025): revenue US$204 million (up 63%) Calendar 2024 year: revenue $783 million (up 56%), adjusted earnings before interest, tax, depreciation and amortisation $99.3 million (up 70%), net profit $49.9 million Major shareholders: Gnosis Verwaltungsgesellschaft (Dr Kluge) 6.88% Elk River Holdings (Dr Behrenbruch) 6.2%, Grand Pharma (China Grand Pharmaceuticals) 3.3%.
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