The market has returned to form again on Tuesday and pushed notably higher.
While a good portion of shares have made solid gains today, the three below have stood out as they have reached 52-week highs.
Is it too late to invest in these high-flying shares?
The BWP Trust (ASX: BWP) share price climbed to a 52-week high of $3.63 on Tuesday. BWP Trust is a commercial real estate manager which has a portfolio of properties tenanted predominantly by Wesfarmers Ltd (ASX: WES) subsidiary Bunnings Warehouse. I suspect investors have been snapping up the trust's shares due to the defensive qualities that the business has by having such a blue chip and growing tenant. While I do think that its shares are looking fully valued now, if the market volatility persists then they could still be a good investment option.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price rocketed to a 52-week high of $1.29 on Tuesday. This brought the year to date gain for the biopharmaceutical company's shares to a whopping 360%. Investors appear to believe that the company's repurposing of pentosan polysulfate sodium (PPS) could be a big success. PPS is an FDA-approved drug that has a long track record of safely treating inflammation. Paradigm is repurposing PPS for a number of applications with a focus on treatment of orthopaedic and viral arthritic indications. One of these is osteoarthritis which has 31 million sufferers in the United States. I think it is one to watch.
The Technology One Limited (ASX: TNE) share price closed the day at a 52-week high of $5.99 on Tuesday. The software company's shares have stormed higher since the release of its full year results last week. Technology One posted a 9% increase in revenue to $299 million and a 15% lift in profit before tax to $66.5 million. Investors also appear to have been pleased to see the company forecasting strong profit growth in FY 2019. This is expected to be underpinned by further growth in its software-as-a-service business. While Technology One is a quality company, I think its shares are expensive and investors could find better value elsewhere in the sector.
