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These ASX shares have more than doubled in value in 12 months

The All Ordinaries (Index: ^AXAO) (ASX: XAO) rose 0.5% today, stretching its 12-month return to approximately 10% excluding dividends.

Whilst this is a strong return, it pales in comparison to some of the gains being made on the index during the period.

The three shares listed below have more than doubled in value during this time. Here’s why:

The Beach Energy Ltd (ASX: BPT) share price has rocketed 159% over the last 12 months. The energy producer has caught the eye this year after completing the acquisition of Lattice Energy from Origin Energy Ltd (ASX: ORG) and announcing plans to grow its production to between 34 million and 40 million barrels of oil equivalent by FY 2023. As a comparison, in FY 2018 Beach Energy achieved total production of 19 million barrels of oil equivalent. While I do think that Beach Energy is a top energy producer, I feel its shares are a touch expensive now. As a result, I would suggest investors wait in hope for a pullback in its share price.

The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has risen a massive 234% since this time last year. A good portion of this gain has come in the last few weeks following a positive announcement related to the biopharmaceutical company’s SCENESSE product. SCENESSE has been developed as a first-line pharmaceutical product aimed at treating patients with the rare genetic disorder erythropoietic protoporphyria. Last month the company advised that the US Food and Drug Administration issued a request for further documentation to support the company’s new drug application. Management sees this request as an integral part of the ongoing dialogue between the two parties. A decision on its Priority Review will be made following satisfaction of all agency requests, which means a potential launch may not be too far away.

The Nearmap Ltd (ASX: NEA) share price has rocketed 163% over the last 12 months. Investors have been fighting to get hold of the geospatial imagery company’s shares thanks to its progress in the key U.S. market. Strong growth in the market recently led to a significant increase in annualised contract value. This caught the eye of institutional investors, allowing Nearmap to raise $70 million to fund its international expansion plans. The company is now looking at expanding into the Canada, UK, and European markets. I wouldn’t be surprised to see it extend this impressive share price gain if this expansion is a success.

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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 Scott Phillips.

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