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Why WiseTech Global and these ASX shares just raced to 52-week highs

asx shares higher

The market may have dropped lower last week, but that didn’t stop some shares from charging higher.

Some even managed to climb to 52-week highs or better on Friday. Three that achieved this milestone are listed below. Here’s why they are on a high:

The Althea Group Holdings Ltd (ASX: AGH) share price raced to an all-time high of $1.17 at the end of last week. Investors have been fighting to get hold of the cannabis company’s shares due to a series of positive developments in 2019. This includes the achievement of its 1,000-patient milestone in Australia five months ahead of schedule and its expansion into the UK market. In respect to the latter, the company recently revealed that it has furthered its relationship with independent scientific committee Drug Science with the goal of increasing the number of patients that can be prescribed medical cannabis in the UK market. Drug Science is running Project TWENTY21, which aims to enrol 20,000 patients before the end of 2021. Althea has been selected to supply its range of products to the project.

The Integrated Research Limited (ASX: IRI) share price hit a 52-week high of $3.50 on Friday. The shares of the leading global provider of proactive performance management software for critical IT infrastructure, payments and communications ecosystems have been on fire this year after rebounding strongly from a bitterly disappointing FY 2018. In the first half of FY 2019 the company reported a record result which saw profit after tax increase by 26% to $11.7 million. This strong form has carried over into the third quarter, with management reporting a strong uplift compared to prior corresponding period.

The WiseTech Global Ltd (ASX: WTC) share price rose to an all-time high of $31.24 at the end of last week. Investors have been buying the logistics solutions company’s shares this year thanks to an impressive first half result and positive guidance for the full year. Management expects FY 2019 revenue in the range of $326 million to $339 million and EBITDA in the range of $100 million to $105 million. This will mean year on year revenue growth of 47% to 53% and EBITDA growth of 28% to 35%. This has been driven by strong demand for its leading CargoWise platform.

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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 Integrated Research Limited and WiseTech Global. 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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