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Why these ASX shares just stormed to 52-week highs

With the market returning to form on Monday after a few wobbles last week, a good number of shares raced notably higher yesterday. Some even managed to climb to 52-week highs or better.

Three which achieved this milestone are listed below. Here’s why they are flying high right now:

The Baby Bunting Group Ltd (ASX: BBN) share price climbed to a record high of $3.76 on Monday. The baby products retailer’s shares have been on the rise since the release of its full year results in August. In FY 2019 Baby Bunting returned to form and posted a 19% increase in total sales to $362.3 million and a massive 58.2% lift in net profit to $15.1 million. This was driven largely by a reduction in competition and discounting activities. Looking ahead, management expects similarly strong growth in FY 2020 and has provided net profit after tax growth guidance of up to 46%. 

The Clover Corporation Limited (ASX: CLV) share price has continued its impressive run and hit a record high of $3.29 on Monday. The infant formula ingredients supplier’s shares have been on fire since the release of its full year results in September. In FY 2019 Clover reported a 21.8% increase in revenue to $76.7 million and a 33.1% lift in net profit after tax to $10.1 million. This was driven largely by increasing demand for infant formula.

The ResApp Health Ltd (ASX: RAP) share price hit a two-year high of 38 cents on Monday. The digital health company’s shares have been surging higher over the last couple of weeks thanks to two key developments. The first was the release of positive top-line results from its prospective, blinded at-home obstructive sleep apnoea study. Its smartphone app was able to accurately identify obstructive sleep apnoea when compared to a simultaneous at-home comprehensive sleep study. The second positive development was news that ResAppDx-EU has received Australian Therapeutics Goods Administration approval as a Class IIa medical device. This makes it the world’s first smartphone-based diagnostic test for acute paediatric respiratory disease.

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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 Clover 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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