Telix Pharmaceuticals (ASX:TLX) stands to deliver meaningful investment upside and gain significant market share if it can secure regulatory approval for products in the development pipeline, Jefferies said in a Tuesday note.

The company launched a prospective phase 3 study to evaluate TLX250-Tx as a potential radiotherapy for relapsed or recurrent clear cell renal cell carcinoma, with the first part of the study expected to enroll up to 40 patients.

Following the progression to phase 3, Jefferies' risk-weighting for the trial increased to around 61% from about 21%, while the net present value for the opportunity moved to AU$2.13, the investment firm said.

Jefferies raised its full-year 2026 net profit after tax forecast for Telix Pharmaceuticals to $10.6 million from $5.1 million after the company reported second-quarter revenue of $247 million. Telix also guided for 2026 operating revenue to be toward the top end of its $950 million to $970 million forecast range.

The equity research firm maintained a buy rating on Telix Pharmaceuticals while raising the price target to AU$29 from AU$27.40.