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Is it too late to buy Telstra and these high-flying ASX shares?

Although the market ended its winning run on Thursday, that didn’t stop a number of shares from racing higher.

In fact, a few even managed to scale to 52-week highs or better. Three which achieved this are listed below. Is it too late to invest?

The CLINUVEL Pharmaceuticals Limited (ASX: CUV) share price reached an all-time high of $32.22 on Thursday. The biopharmaceutical company’s shares have rallied significantly higher over the last 12 months thanks to the success of its SCENESSE product. SCENESSE is a first-line pharmaceutical product aimed at treating patients with the rare genetic disorder erythropoietic protoporphyria (EPP). In the March quarter the company reported cash receipts of $5.9 million, up 126% on the previous quarter and 70% on the prior corresponding period. This strong growth could be given a big boost in the near term if the U.S. FDA approves it for sale in the United States at its upcoming Priority Review. Whilst I think CLINUVEL is an exciting company, I feel its valuation is a little stretched now.

The EML Payments Ltd (ASX: EML) share price raced to a new all-time high of $2.44 yesterday. Investors have been scrambling to get hold of the payments company’s shares this year thanks to another strong half year result, a series of new customer wins, and the recent announcement of an earnings accretive acquisition. All in all, this appears to have positioned EML Payments to deliver another solid result in FY 2020. This could make it worth considering a small investment in its shares.

The Telstra Corporation Ltd (ASX: TLS) share price continued its strong run and hit a 52-week high of $3.60 on Thursday. This latest gain means that the telco giant’s shares have now risen a massive 30% since the start of the year. The catalysts for this gain include a solid half year result, the return of rational competition, the ACCC’s decision to block the merger between TPG Telecom Ltd (ASX: TPM) and Vodafone Australia, Telstra’s recent launch of 5G, and the company’s decision to cut its dividend to a sustainable level. Despite this strong run, I still see a lot of value in Telstra’s shares and believe they could continue to run higher over the next 12 months.

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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 Emerchants Limited. The Motley Fool Australia owns shares of and has recommended Telstra 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.