The market may have been drifting notably lower of late, but not all shares have followed it lower.
In fact, some shares have even managed to climb to 52-week highs of better. Is it too late to buy these high-flying shares?
The Acrux Limited (ASX: ACR) share price rocketed 34% higher to a 52-week high of 31 cents today. This morning the company released an updated investor presentation highlighting its shift from being a one-trick pony to a pharmaceutical company with a diverse portfolio of 13 topical generic products with an addressable market of over US$1.4 billion. I think Acrux's transformation has been very positive, however, I'd like to see how its sales fare over the next 12 months before considering an investment.
The ResApp Health Ltd (ASX: RAP) share price hit a 52-week high of 28 cents on Friday before being placed in a trading halt before the market opened on Monday. The digital healthcare company's shares have been on fire this year thanks to a series of positive developments related to its Smartcough-C-2 and paediatric studies. Management appears to have seized on this strong share price rally by launching a capital raising this week. Although there has been no official word out of the company, the word on the street is that the company is aiming to raise $5 million at 22 cents per share. Surprisingly, just last week ResApp released a company update and stated that it was well-funded to execute its ongoing clinical strategy.
The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price rose to an all-time high of $25.39 today. The investment house's shares have climbed 9.5% since this time last month despite there being no news out of it. However, with its full year results release just a matter of days away, it appears that some investors are expecting another strong result from the company. While I do think that it is a quality share to own, I would prefer to get in at a lower price. In light of this, I would suggest investors hold out in hope of post-earnings share price weakness.
