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Why these ASX shares just raced to 52-week highs or better

With the market in fine form so far this year, it will come as no surprise to learn that a number of shares have just hit 52-week highs or better.

Three shares that have just reached this milestone are listed below. Here’s why they are scaling new heights:

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm Biopharmaceuticals share price was on form last week and raced to a record high of $4.20. Investors have been fighting to get hold of the biopharmaceutical company’s shares over the last 12 months thanks to its promising ZILOSUL product. ZILOSUL is the brand name of its repurposing of Pentosan Polysulfate Sodium (PPS). This is an FDA-approved drug that has been used safely for treating inflammation for over 60 years. The company is repurposing PPS to treat osteoarthritis (OA). This is a massive market which management estimates could be worth as much as US$27.9 billion per annum in the United States.

RPMGlobal Holdings Ltd (ASX: RUL)

The RPMGlobal share price stormed to a 10-year high of $1.13 on Friday. Investors were buying the mining software company’s shares after it provided an update on the Total Contracted Value (TCV) and Annual Recurring Revenue (ARR) derived from its software subscriptions. RPMGlobal’s TCV of committed new software subscription revenue during the financial year to date is currently $17.7 million. This is a massive 142% increase on the prior corresponding period. Also growing strongly was the company’s ARR, which now stands at $10 million per annum. This is an increase of $2 million or 25% since its previous announcement just under two months ago.

Village Roadshow Ltd (ASX: VRL) 

The Village Roadshow share price climbed to a two-year high of $4.10 last week. The catalyst for this was the entertainment company receiving another takeover approach. Village Roadshow received a $4.00 per share offer from BGH Capital. This latest unsolicited bid is higher than the $3.90 per share bid it received from Pacific Equity Partners in December. Considering its shares are now trading above BGH Capital’s offer, it appears as though investors are expecting a bidding war to commence.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended RungePincockMinarco 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.