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These 3 ASX shares just raced to 52-week highs

High

With the market pushing notably higher on Monday it will come as no surprise to learn that a number of shares managed to reach 52-week highs.

Three which caught my eye are summarised below. Here’s why they are flying high:

The Cynata Therapeutics Ltd (ASX: CYP) share price reached a 52-week high of 98 cents on Monday, stretching its year-to-date return to an impressive 66%. Investors have been fighting to get hold of the stem cell and regenerative medicine company’s shares following a series of positive developments. The most recent was news that the first patient with steroid-resistant acute graft-versus-host disease (GvHD) has been treated in the second cohort of Cynata’s phase 1 clinical study of its Cymerus mesenchymal stem cell product, CYP-001. The data from the first cohort of patients has been very positive. I’m a big fan of Cynata and think its technology has enormous potential.

The MGC Pharmaceuticals Ltd (ASX: MXC) share price climbed to a 52-week high of 12 cents yesterday. Investors appear to be pleased with the progress the company has made in regards to gaining its Good Manufacturing Practice (GMP) certification for its European facility. The medicinal cannabis company has been granted an interim certification, but is likely to have this upgraded to full GMP certification if the first batch of its CannEpil epilepsy product meets the required standards. Management estimates that CannEpil will generate sales of $1 million annually once it is fully approved for distribution in Australia. The company is already generating meaningful revenue from its cannabidiol-based cosmetic products, making it a bit of a rarity in the industry.

The WiseTech Global Ltd (ASX: WTC) share price continued its strong run on Monday and hit a 52-week high of $15.76. Incredibly, this means that the logistics software platform provider’s shares had rocketed over 215% in the space of 12 months. Investors appear to believe that a series of acquisitions that the company has made over the last year will add significant value in the long-term. Whilst I am a big fan of the company, I’m not a buyer at the current share price on valuation grounds.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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