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3 ASX shares at 52-week highs: Is it too late to invest?

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.

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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 Wesfarmers Limited. 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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