Earlier today I looked at three shares that have fallen to 52-week lows this week.
Luckily, not all shares are faring so poorly right now. For example, the three shares listed below have just stormed to 52-week highs or better. Here’s why they are on form right now:
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price rocketed over 60% higher on Wednesday to hit an all-time high of $45.88. Investors were scrambling to buy the biopharmaceutical company’s shares after the U.S. FDA approved its SCENESSE product for the treatment of erythropoietic protoporphyria (EPP) in adults. This should be a major boost to its revenue because no other treatment has approval for use in the country. EPP is a rare disorder where exposure to light may be extremely painful for sufferers.
The SeaLink Travel Group Ltd (ASX: SLK) share price raced to 52-week high of $4.77 on Wednesday after returning from a trading halt. The travel company’s shares were halted whilst it completed a fully underwritten institutional placement and institutional entitlement offer. SeaLink will use these funds to acquire Transit Systems for an enterprise value of $635 million. Transit Systems is Australia’s largest private operator of metropolitan public bus services. It is also an established international bus operator in both London and Singapore. Management expects the deal to be transformational and highly accretive to earnings per share.
The Zip Co Ltd (ASX: Z1P) share price continued its positive run and hit a record high of $5.41 yesterday. When the payments company’s shares reached that level, it meant they had gained an incredible 391% in 2019. Investors have been fighting to get hold of its shares this year thanks to stellar customer, transaction, and revenue growth in FY 2019. Pleasingly, this strong form looks set to continue this year, with management aiming to almost double its active customers and annualised transaction volume. Judging by its share price performance, it appears as though the market is confident it will deliver on this thanks to the ongoing popularity of the payment method and its international expansion.
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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 ZIPCOLTD FPO. 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.