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Why Clinuvel and 2 other ASX shares just stormed to 52-week highs

On Wednesday the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) pushed higher and hit a six-month high.

With the market in fine form it will come as no surprise to learn that some shares have hit 52-week highs or better this week.

Three that have achieved this are listed below. Is it too late to invest?

The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price stormed to an all-time high of $28.30 on Wednesday. The main catalyst for this gain has been the impressive sales growth of its SCENESSE product over the last 12 months. SCENESSE is a first-line pharmaceutical product aimed at treating patients with the rare genetic disorder erythropoietic protoporphyria (EPP). The product has been a huge success and appears to have significant growth opportunities ahead, most notably in the United States where the US Food and Drug Administration has granted a Priority Review for SCENESSE. I’m a big fan of Clinuvel, but I feel its shares look a touch overvalued now.

The Jumbo Interactive Ltd (ASX: JIN) share price reached an all-time high of $11.73 yesterday. Investors have been fighting to get hold of the lottery ticket seller after it built on FY 2018’s strong result with an impressive half year result last month. In the first half of FY 2019 the company posted a massive 140% increase in net profit after tax from continuing operations to $12.7 million. This led to management lifting its full year FY 2019 guidance for net profit after tax of $24.2 million, up 107% on FY 2018’s result. I think Jumbo could still be worth a look even after hitting this all-time high.

The Village Roadshow Ltd (ASX: VRL) share price raced to a 52-week high of $3.50 on Wednesday. A better than expected half year result, which demonstrated that its turnaround plans were working, appears to have been the catalyst for this rise. The improved performance certainly impressed analysts at Macquarie. On Wednesday the broker upgraded its shares to an outperform rating with an increased price target of $3.80.

Where to invest $1,000 right now

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Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of June 30th

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Jumbo Interactive Limited. The Motley Fool Australia has no position in any of the stocks mentioned. 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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