Although the market as a whole has struggled to push higher in recent weeks, that hasn’t stopped a number of shares from climbing to 52-week highs.
The following three shares achieved this during trade on Wednesday. Is it too late to invest?
The CSL Limited (ASX: CSL) share price stormed to a 52-week high of $150.83 yesterday following the release of a strong first-half result. Thanks to strong sales growth across major product lines and a number of new products being approved during the half, CSL revealed an impressive 35% increase in half-year net profit after tax to US$1.1 billion. Although profit growth is expected to slow in the second-half due to seasonal factors, I still think CSL is great value for money given the quality of its business and current growth profile.
The Nearmap Ltd (ASX: NEA) share price touched on a new 52-week high of 84 cents during trade on Wednesday. The aerial imagery company’s shares have been on a tear since the release of its preliminary half-year results in the middle of January revealed a 31.2% increase in annualised contract value compared to the prior corresponding period. Whilst I have been impressed with Nearmap’s growth, I think its shares are fully valued now and would suggest investors wait for a pull back before considering an investment.
The Zelda Therapeutics Ltd (ASX: ZLD) share price reached a 52-week high of 15.5 cents on Wednesday. The cannabis-based biotechnology company’s shares have been performing well on the back of news that it has received full regulatory approval for its clinical trial which will investigate the effects of medicinal cannabis formulations on chronic insomnia patients. Preliminary results from the clinical trial are expected to be released in the third-quarter of 2018. If they are positive the company intends to progress to commercialisation activities for the formulation in various jurisdictions. I think this makes Zelda worth adding to your watchlist.
If you missed out on these gains, don't worry. I'm tipping these hot stocks to be next in line to push higher.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. 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.