Telix Pharmaceuticals Ltd (ASX: TLX) shares have slipped by around 11% from their former highs of $31 apiece since last February.

This isn't a Telix–only issue. The S&P/ASX 200 Index (ASX: XJO) is also down 5% this past month. This comes as global equity markets took a major hit at end of February.

As for Telix, the biotech stock closed the session at $27.80 apiece on Thursday. Is this latest dip a buying opportunity? Let's take a dive and see.

Telix shares rally on recent developments

Telix shares have posted strong gains over the past year thanks to a number of updates to its clinical programs.

As my colleague Bernd reported earlier this month, the radiopharmaceutical company announced it had acquired several assets involving a highly specialised 'pan-cancer' target known as Fibroblast Activation Protein (FAP). As Bernd pointed out, this is "one of the most promising pan-cancer targets in nuclear medicine".

It paid a total of 5.3 million Euros upfront and is committed to further payments along the way, pending certain milestones.

Telix has subsequently added these assets to its portfolio, which includes its lead compound, TLX400. It targets bladder cancer.

On the financial side, management projects revenues to climb by 51% at the lower end of guidance, calling for $1.18 billion to $1.23 billion at the top line for FY25.

This follows a 56% year-over-year increase in revenue for FY24 as well.

What's Next for Telix shares?

According to CommSec, the consensus of analyst estimates rates Telix a buy, with eight bullish, one hold, and one sell.

As my colleague James reported last month, Bell Potter upgraded Telix shares to a buy with a raised price target of $36, a huge jump up from its previous target of $21.60.

This represents a potential 29% upside from where Telix shares rested at the close on Thursday.

Bell Potter said that Telix is "laser-focused on accelerating its extensive clinical pipeline" through to CY 2027.

It also said its upgrade was driven by "short-term catalysts for product approvals". As with any biotech stock, it is these updates that provide colour to the fundamental picture.

Recently, Telix shares caught a bid after the the US Food and Drug Administration (FDA)'s decision to approve a Biologics License Application (BLA) for its Zircaix label in the US.

This means Zircaix has been "granted a priority review" with pending approval for later this year, "paving the way for a U.S. commercial launch in 2025."

And just today Telix announced another FDA approval for its Gozellix label, praised in the update as "Telix's next generation PSMA-PET imaging agent for prostate cancer."

Gozellix is indicated for imaging in men with suspected prostate cancer.

The outlook for Telix shares over the next few quarters will be influenced by these developments.

Foolish takeaway

Telix shares have slipped from their previous highs as global markets take a hit. But brokers are still bullish, and the company has several updates in the works for 2025.

Whether or not these equal higher share prices or not, time will tell. In the meantime, keep an eye out for any updates related its Zircaix label in the US.

In the last 12 months, Telix is up 106%.