Summary
The fund managers believe that Clarity Pharmaceuticals Ltd presents a compelling investment opportunity despite recent volatility. They highlight the significant potential in the therapeutics market, projected to reach over $5 billion annually, and the diagnostics market, expected to grow to $3 billion by 2030. The company’s innovative approach, particularly in prostate cancer treatment, positions it favorably against established competitors like Telix and Lantheus. They note that Clarity's recent clinical data shows promising results, with disease control achieved in 78% of patients in trials, emphasizing its potential to outperform existing therapies. The fund managers also point out the strategic advantage of Clarity's strong cash position of $106 million and non-dilutive funding avenues, which could support ongoing development without harming shareholder value. Additionally, they see potential for market share growth if upcoming clinical data continues to validate its efficacy. Overall, the fund managers express confidence that Clarity's long-term prospects remain robust, making it an attractive investment in the biotech sector.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Source: Trading View
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Commentary From The Managers
Frazis Capital Partners
18 July 2025
$3.89
Summary
- Frazis Capital Partners observes that Clarity stock has experienced a classic momentum unwind, where initial higher prices attracted buyers, followed by lower prices attracting sellers.
- Despite the momentum unwind, Frazis Capital Partners believes the price will stabilize at a level where no further selling occurs, creating an investment opportunity.
- The average purchase price for Clarity shares was $1.69 in April, reflecting a strategic entry point.
- Serious revenues for Clarity are anticipated in 2-3+ years, but the perception of timeframes is shifting as 2027 approaches.
- Frazis Capital Partners is testing the waters on whether the current biotech liquidation phase has concluded.
- A recent call with Dr. Oliver Sartor highlighted the significant unmet need in diagnosing prostate cancer, particularly for the 600,000 men in the U.S. who test negative on current screens.
- Patients are actively seeking better diagnostics, indicating strong demand for Clarity’s offerings, despite skepticism from some investors about competing with established incumbents.
- Clarity's stock has more than doubled from its lows but is still approximately 150% below its peak last year, suggesting potential for recovery.
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Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
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Commentary From The Managers
Frazis Capital Partners
18 July 2025
$3.89
Summary
- Frazis Capital Partners observes that Clarity stock has experienced a classic momentum unwind, where initial higher prices attracted buyers, followed by lower prices attracting sellers.
- Despite the momentum unwind, Frazis Capital Partners believes the price will stabilize at a level where no further selling occurs, creating an investment opportunity.
- The average purchase price for Clarity shares was $1.69 in April, reflecting a strategic entry point.
- Serious revenues for Clarity are anticipated in 2-3+ years, but the perception of timeframes is shifting as 2027 approaches.
- Frazis Capital Partners is testing the waters on whether the current biotech liquidation phase has concluded.
- A recent call with Dr. Oliver Sartor highlighted the significant unmet need in diagnosing prostate cancer, particularly for the 600,000 men in the U.S. who test negative on current screens.
- Patients are actively seeking better diagnostics, indicating strong demand for Clarity’s offerings, despite skepticism from some investors about competing with established incumbents.
- Clarity's stock has more than doubled from its lows but is still approximately 150% below its peak last year, suggesting potential for recovery.
Frazis Capital Partners
23 Apr 2025
$2.08
Summary
- Frazis Capital Partners observes that Clarity Pharmaceuticals is affected by broader sell-offs in the biotech sector, particularly following negative results from Opthea.
- Liquidations by funds and retail investors have increased due to market momentum unwinding.
- Clarity has substantial growth potential with approximately $20 billion in diagnostics and even larger opportunities in therapeutics.
- The company's current market cap of $400 million significantly underplays its potential against the market opportunity.
- Short selling has created liquidity and potential for future funding, however, it poses risks for shortsellers as momentum can reverse.
- With $106 million in cash and an $11 million non-dilutive R&D grant, Clarity is well-positioned to extend its development timeline.
- Positive clinical updates include improved patient outcomes and ongoing trials that could validate Clarity's treatments.
- Noteworthy therapeutic data includes disease control rates of 78% in patients who had previously undergone multiple treatments.
- Clarity's diagnostic agent shows promise, having identified lesions better than standard diagnostics and may lead to significant treatment changes.
- Upcoming clinical trial readouts over the next year are expected to enhance clarity on Clarity's market position.
- Both diagnostics and therapeutics markets show potential—diagnostics forecasted at $3 billion and therapeutics exceeding $5 billion.
- Frazis Capital Partners recently reinstated a holding in Clarity, now constituting ~8% of their portfolio, indicating confidence in the company's future growth.
Pengana Capital Group
31 Mar 2025
$2.11
Summary
- Clarity Pharmaceuticals has experienced a significant decline of 40% in share price, despite a buy rated report from broker Barrenjoey with a target of $8.7/share.
- Shares previously peaked at $8.65 in September last year; Pengana Capital Group sold much of its holding during that rally but has since rebuilt its position.
- The prostate cancer radio diagnostic market is valued at USD 2bn and is growing, with key players being Telix and Lantheus.
- Pengana Capital Group anticipates that Clarity will receive approval by late 2026 and capture at least 10% market share.
- Clarity's current valuation of AUD $530mln appears attractive compared to Telix and Lantheus, which have market values of AUD $9bn and $11bn, respectively.
- Professor Louise Emmet is conducting a diagnostic study comparing Clarity's technology with a generic version of Telix’s Illucix, which could be pivotal.
- The study aims to determine if a Clarity scan could change treatment plans for more than 20-30% of patients compared to G-68 scans.
- Clarity has previously demonstrated the ability to detect smaller lesions than G-68, potentially leading to better treatment outcomes.
- CEO Alan Taylor's recent interview highlighted the potential for Clarity to capture a significant market share if the study is successful.
- The SECURE prostate cancer therapy study is currently enrolling an additional 24 patients, with promising results observed so far.
- Despite a recent lull in radiopharmaceutical deals, Pengana Capital Group views Clarity as a likely takeover target.
Pengana Capital Group
31 Dec 2024
$4.17
Summary
- Clarity Pharmaceuticals experienced a 35% decline, potentially influenced by Janux data.
- Pengana Capital Group utilized this market weakness to increase their position.
- Prior to this, the holding was significantly reduced at higher levels.
Pengana Capital Group
30 Sept 2024
$8.38
Summary
- Clarity Pharmaceuticals rose 16% following positive data from Cohort 4 of its SECURE prostate cancer radiotherapy dose escalation study.
- No dose limiting toxicities were observed at the higher dose.
- Two out of three evaluable patients showed significant results: one had a 92.3% PSA decline and another had a decline of greater than 60%.
- Both patients had undergone multiple prior lines of treatment.
- Pengana Capital Group continues to hold due to the promising results and expects another 3 patients to be dosed in the coming month or two.
- Additionally, 14 more patients are likely to begin treatment next year.
Pengana Capital Group
31 July 2024
$6.37
Summary
- Clarity Pharmaceuticals has seen a 17% rise in share price following a supply agreement with Terra Power, a US firm backed by Bill Gates.
- The agreement involves Actinium 225, a promising medical isotope known for delivering high radiation doses over short distances, enhancing treatment targeting.
- Clarity is currently focusing on Copper 67 in its clinical studies.
- The recent surge in M&A activity within the Actinium-related therapeutic sector may position Clarity Pharmaceuticals as a more attractive acquisition target.
- Pengana Capital Group continues to hold its position in Clarity Pharmaceuticals due to these developments.
Pengana Capital Group
31 Mar 2024
$2.78
Summary
- Pengana Capital Group continues to hold an investment in Clarity Pharmaceuticals Ltd.
- Clarity Pharmaceuticals recently experienced a 5% decline in share price.
- The company successfully raised $121 million in capital, in which Pengana Capital Group participated.
- The funding will support the development of Clarity's product pipeline.
- Particular focus is on the ongoing Secure study, which is a dose escalation study for a prostate cancer therapeutic.
- Further data from the next three patients in the Secure study is expected by mid-year.
Pengana Capital Group
29 Feb 2024
$2.89
Summary
- Clarity Pharmaceuticals, the Fund’s second largest holding, rose 23% after reporting results from its Phase 2 COBRA study in prostate cancer diagnosis in metastatic disease.
- The results highlight a significant improvement in the ability to detect cancer lesions, particularly small sized tumors, compared to the current standard of care products from Telix and Lantheus.
- A further large scale phase three trial will be required to prove this, but the data looks very encouraging.
- Pengana Capital Group continues to hold because we expect the company will soon report further data from a dose escalation study in its prostate cancer therapeutic trial SECURE, which is eagerly anticipated by the market.
Pengana Capital Group
31 Jan 2024
$2.34
Summary
- Pengana Capital Group reports a significant rise in Clarity Pharmaceuticals Ltd, with shares up 24% this month.
- The stock has increased nearly 300% since Pengana Capital Group invested five months ago.
- Recent global takeovers in the radiotherapy sector enhance the relative attractiveness of Clarity’s potential.
- Sell-side analysts have released reports upgrading their price targets for Clarity Pharmaceuticals.
- Competing company Telix Pharmaceuticals saw a 14% increase following a positive revenue update.
- The growth in Telix's prostate cancer diagnostic market further underscores the opportunity within the sector.
Pengana Capital Group
31 Dec 2023
$2.10
Summary
- Pengana Capital Group notes a significant rise in Clarity Pharmaceuticals Ltd, which increased by 33% this month and is up 240% since the initial investment four months ago.
- The surge was primarily influenced by the acquisition of RayzeBio by Bristol Myers for USD 4.1 billion.
- While RayzeBio's lead product is more advanced, it targets a smaller market (Neuroendocrine Tumours) with 18,000 cases per year compared to prostate cancer's 288,000 new cases.
- Another relevant acquisition was Point Biopharma by Lilly in October, indicating interest in the radiotherapy sector.
- Pengana Capital Group believes Clarity Pharmaceuticals could be a potential takeover target in the coming year.
- Clarity continues to advance its prostate cancer dose escalation study, SECURE, which is expected to generate further positive data.
Pengana Capital Group
30 Nov 2023
$1.42
Summary
- Recent portfolio addition: Clarity Pharmaceuticals, a company focused on radiopharmaceuticals and diagnostics.
- Performance: The stock rose 36% in the past month and has returned 70% over the last three months since acquisition.
- Main driver of returns: Phase I/IIa dose escalation study SECURE for prostate cancer therapeutic product SAR-bisPSMA.
- Signs of efficacy: The study is showing substantial signs of efficacy with few side effects, although in a small patient group.
- Future outlook: Anticipation of further data readouts in the coming months, expected to attract interest from both the medical and investment communities.
Pengana Capital Group
31 Aug 2023
$1.09
Summary
- Pengana Capital Group recently added a new holding in Clarity Pharmaceuticals, an Australian radiotherapy company, via a placement at $1/share.
- The investment has already returned 17% in September.
- Clarity has developed a radiation diagnostic and therapy platform using proprietary copper-64 and copper-67 isotopes.
- Copper isotopes offer a long shelf life, providing logistical advantages over existing Gallium and Florine isotopes.
- These isotopes are highly targeted for diagnosing and treating cancer cells.
- Clarity has five products, with SAR-bisPSMA for prostate cancer being particularly noteworthy.
- SAR-bisPSMA is currently in a phase 2 dose-escalation study called SECURE, with early results showing strong efficacy and low side effects.
- Clarity's single-dose treatment has demonstrated better responses compared to the standard of care, Pluvicto, which requires six doses.
- Continual news flow from the SECURE study is expected over the coming months.
- Clarity Pharmaceuticals listed at $1.4/share in August 2021 and is currently trading at $1.17, despite a recent 50% rally.
- The market value of Clarity is approximately AUD$310 million.
- Pengana Capital Group views Clarity's position as promising, considering Novartis acquired Endocyte for USD2.2 billion to gain the leading prostate radiotherapy drug.
- Clarity is expected to be in a similar position by the end of next year.
Pengana Capital Group
31 May 224
$2.16
Summary
- Clarity Pharmaceuticals rose 81% following a significant clinical response in a cancer patient post-capital raise.
- The company was the first to raise capital on April 8th at $2.55 and is now trading at $5.22.
- Capital raises can absorb short-term demand for shares, leading to temporary price suppression.
- The notable rise followed the report of a patient with metastatic castrate-resistant prostate cancer (mCRPC) being completely cleared of the disease after two doses of Clarity’s radiation therapy.
- The patient experienced few side effects, highlighting the drug's potential.
- Complete responses are rare in cancer studies, making the share price reaction notably positive.
- This positive response occurred shortly after a capital raising that had temporarily impacted share prices.
- The company is increasing the drug dosage in the ongoing SECURE study, with more data expected in the next two months from a new cohort of patients.
Please note: The completeness, accuracy or current status of the investments referenced are not guaranteed.
Frequently Asked Questions
Who has invested in Clarity Pharmaceuticals Ltd (ASX:CU6)?
Fund managers including Frazis Capital Partners and Pengana Capital Group have invested in Clarity Pharmaceuticals Ltd (ASX:CU6).
Why have investment managers invested in Clarity Pharmaceuticals Ltd (ASX:CU6)?
Fund managers are investing in Clarity Pharmaceuticals Ltd due to its promising pipeline in prostate cancer diagnostics and therapeutics, which target a rapidly growing market. Despite recent volatility and market sell-offs, they see significant long-term potential in Clarity's innovative use of copper isotopes for more accurate cancer detection and treatment. With a market cap of approximately $400 million, the company is well-positioned to capture a share of the estimated $3 billion diagnostic and $5 billion therapeutic markets. Positive clinical trial results and strategic partnerships further enhance investor confidence, suggesting that Clarity could emerge as a key player in the industry. Fund managers believe that as clinical data continues to improve, the risk associated with the investment diminishes, making it an attractive opportunity for future growth.
What happened to Clarity Pharmaceuticals Ltd (ASX:CU6)?
In July 2025, Frazis Capital Partners highlighted Clarity Pharmaceuticals Ltd's stock dynamics in their Monthly Report, noting that the share price, around $3.89, was experiencing a classic momentum unwind. They observed that higher prices attracted buyers while lower prices led to increased selling, creating volatility driven by short-selling and fluctuating retail demand. However, they see potential as this trend eventually stabilizes, presenting an opportunity. Having invested at an average price of $1.69, they believe Clarity's significant revenue potential, expected in 2-3 years, has been overly discounted. Recent discussions, notably with Dr. Oliver Sartor, revealed a pressing need for Clarity's diagnostics among patients with high PSA levels, underscoring the company's unique market position. Despite a recovery of over 100% from recent lows, Clarity's stock remains nearly 150% below last year's peak, indicating room for growth.