There is an upcoming readout for PNT2002 from Point Biopharma some time in December this month (also subject to a takeover offer from Eli Lilly 1.4bn)
The company expects results from its late-stage study of experimental therapy, PNT2002, to treat a type of advanced prostate cancer later this month..
TD Cowen analyst Boris Peaker estimated there is a 60% chance of positive results from the study, which is likely to lift the stock further.
Lilly will then need to raise its offer, with a second bidder also likely, Peaker said in a note last month.
https://www.reuters.com/markets/deals/eli-lilly-extends-tender-offer-buy-point-biopharma-dec-15-2023-12-04/
Lantheus also has commercial rights to develop the treatment if successful and are also making milestone payments potentially worth 1.8bn
Morgan Stanley in the coverage of Novartis and Point Biopharma noted the following (they do not cover Telix):
So I guess PNT2002 is grabbing all the headlines. I don't think this warrants a 10% drop as the market for PSMA treatment is indeed big, but probably not good when MS only mentions Pluvicto and PNT2002.
I noticed Clarity fell only a little. Clarity has been on a tear lately so that little fall is surprising when compared to Telix.
In addition, there could be tax loss selling for US investors as the US end of year approaches.