MELBOURNE — Shares in Telix Pharmaceuticals Ltd. jumped 11.26% to $18.18, adding $1.84, as the Australian radiopharmaceutical company extended a rally sparked by U.S. regulatory approval of its new brain cancer imaging drug, continuing a surge that began after the announcement first broke on Monday.

Telix said in a statement to the Australian Securities Exchange that the U.S. Food and Drug Administration had approved the company's new drug application for Pixclara, an amino acid positron emission tomography, or PET, imaging agent used to help characterize recurrent or progressive glioma, a form of brain cancer. The approval marks the first time a targeted amino acid PET imaging agent for glioma has received FDA clearance in the United States, giving Telix a first-mover position in a niche but clinically significant corner of precision oncology imaging.

The stock's reaction to the news unfolded over two sessions. Shares initially jumped as much as 12% to touch $17.65 on Monday before paring some of those gains to close the day up 5.4% at $16.52. The extension of those gains into Tuesday's session, pushing shares further to $18.18, suggests investors continued digesting the significance of the approval and its implications for Telix's broader imaging portfolio well after the initial announcement.

RBC Capital Markets described the approval as a positive development for the company, maintaining a price target of $19 on Telix shares following the news, a level that sits just........

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