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NEW YORK (TheStreet) -- Shares of Lantheus Holdings (LNTH) - Get Free Reportwere spiking 10.36% to $9.10 on heavy trading volume mid-afternoon Monday as Jefferies raised its price target on the North Billerica, MA-based diagnostic medical imaging agents company to $12 from $8 this morning. 

The firm maintained its "buy" rating and noted that the company's recent product success, available cash flow and pending partnerships are all positives for the stock. 

Lantheus' ultrasound contrast product, DEFINITY, has recently demonstrated growth, with sales increasing 20% in the first half of 2016, the firm noted. 

DEFINITY is slated for introduction in the Chinese market in the second half of 2017, a move that represents four times the U.S. market's potential, the firm added. 

Additionally, Lantheus has $55 million in cash and $34 million of available credit and is "actively exploring both growth-focused acquisitions and debt-reduction options," Jefferies continued in their analyst note. 

Jefferies said they expect Lantheus' PET imaging agent to come to market soon, but in order to do so the company needs to secure a partnership to help finance its Phase III studies of the product. The imaging agent would replace Lantheus' Cardiolite product, which currently serves as the "gold standard," the firm noted.

About 1.09 million of the company's shares have changed hands so far today vs. its average volume of 356,496 shares per day. 

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