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.
