Radiopharm (RADX) Faces Mild Downgrades as Analysts Adjust Outlook Amid Clinical Pipeline Uncertainty

Radiopharm Inc. (RADX) has encountered a subtle but discernible dip in analyst sentiment, with three of the eight coverage analysts lowering their ratings in the final week of December 2025. The adjustments included one downgrade to 'Hold' from 'Buy' and two new 'Underperform' ratings, reducing the average consensus target price by 8% to $12.40 per share. Despite this, the stock remains within a 52-week range of $9.80 to $15.30, indicating no major market-wide panic. The cautious stance stems from uncertainty surrounding Phase 2 trial results for RADX-301, a novel radiolabeled therapeutic targeting neuroendocrine tumors. Analysts cite delayed interim data release—now projected for Q2 2026—along with increased competition from emerging players in targeted alpha therapy. Two analysts specifically noted the absence of a clear path to FDA approval without additional confirmatory trials, which could extend development timelines by 12 to 18 months. Key metrics underscore the shift: the 12-month forward P/E ratio has climbed to 28.5, above the sector median of 19.2, suggesting valuation may be ahead of near-term earnings potential. Additionally, institutional ownership dropped from 61% to 56% in Q4 2025, with two large funds reducing positions by 1.3% and 0.9%, respectively. These moves reflect growing concern about capital efficiency and the pace of clinical progress. The impact is most pronounced among retail investors and small-cap biotech funds, with trading volume increasing 34% above the 30-day average. However, the broader biopharmaceutical sector has shown resilience, with peers like XGNA and CDTX posting gains during the same period, indicating that the skepticism is largely company-specific rather than market-wide.