When this was written — On 24 July 2026. The figures are as at that date or earlier and have not been updated since.
Telix Pharmaceuticals has spent much of the past year fighting off short sellers who targeted its valuation. But a combination of rising revenues and a highly coordinated board-room buying spree appears to have broken the shorts' resolve.
The company's FY2025 results in February set the stage, showing a 56% surge in revenue to US$803.8 million R1R2. However, the real defensive play came on 29 April 2026, when Managing Director Christian Behrenbruch bought A$996,699.48 worth of shares 34. This triggered a wave of board buying. On 1 June 2026, directors David Gill 5, William Jellison 6, Maria Rivas 7, and Marie McDonald 8 all executed on-market purchases 910. It is a rare display of unified insider buying that directly challenged the short thesis.
The short position has reacted accordingly. Short interest has dropped to 11.80%, down 4.71 percentage points from its 90-day peak of 16.51%. The 30-day price-to-short correlation sits at -0.196, showing a steady unwind as the share price gained 4.6% over the last month to reach A$14.86. Despite the retreat, Telix remains well above the peer sector average short position of 4.65%, suggesting some holdouts are still waiting for the revenue momentum to stall. ASIC data is reported on a T+4 delay, meaning this short retreat was locked in last week.
With FY2026 revenue guided at up to US$970 million R1, the shorts are facing a business that is growing too fast to comfortably bet against.