Over the last 12 months the All Ordinaries Index has carved out a gain of 6.3% excluding dividends.
Whilst this is a positive gain, it pales in comparison to some of the gains that have been made on the index.
Three shares that have doubled in value over the period are listed below. Here's why they have rocketed higher:
The CLINUVEL Pharmaceuticals Limited (ASX: CUV) share price has rocketed 155% higher since this time last year. The main catalyst for this has been the impressive sales growth of the company's SCENESSE product and upcoming regulatory reviews. SCENESSE has been developed as a first-line pharmaceutical product aimed at treating patients with the rare genetic disorder erythropoietic protoporphyria (EPP). Sales have been growing strongly in FY 2019 and could be given a major boost in the coming months if the US Food and Drug Administration gives it the tick of approval at its Priority Review meeting in July. I like CLINUVEL but I feel its shares are looking expensive at current levels.
The IDP Education Ltd (ASX: IEL) share price has jumped 103% over the last 12 months. The main driver of this gain was the student placement services and language testing company's first half result which smashed expectations. IDP Education posted a 26% increase in total half year revenue to $304.3 million and a 34% jump in net profit after tax to $40.7 million. The Student Placement segment was a strong performer once again, growing revenue by 36% to $90.7 million thanks to a 23% lift in volumes and a 14% increase in the average application processing fee. Although I think its shares are fully valued now, I feel IDP Education could still be a great long-term investment.
The Pro Medicus Limited (ASX: PME) share price has risen a massive 121% since this time last year. The healthcare technology company's shares have been on a very positive run since the release of its half year result in February. During the first half of FY 2019 Pro Medicus posted a 59.4% increase in half year revenue to $25.3 million and a 79.9% jump in underlying net profit after tax to $9.2 million. Strong demand for its popular Visage health imaging software in all its key markets drove the impressive result. As with IDP Education, I feel that its shares look fully valued now, but could still be a great long-term investment.
