The S&P/ASX 200 Index (ASX: XJO) continued its impressive run and pushed higher again last week. The benchmark index added 0.2% or 16.9 points to end the period at 7,312.3 points.
While a good number of shares pushed higher with the market, some climbed more than most. Here’s why these were the best performers on the ASX 200 last week:
Altium Limited (ASX: ALU)
The Altium share price was the best performer on the ASX 200 last week with a massive 28.6% gain. Investors were scrambling to buy the electronic design software provider’s shares after it announced the receipt of a takeover approach from US software giant Autodesk. It made a formal, non-binding, indicative and unsolicited proposal of $38.50 per share to acquire the company, which represented a 41.5% premium to its last close price. However, it was also a 4.2% discount to its 52-week high. The Altium Board believed it undervalued the company and rejected the proposal.
Iress Ltd (ASX: IRE)
The Iress share price wasn’t far behind with a 20.4% gain over the five days. Investors were buying the financial technology company’s shares amid speculation that it could be a takeover target as well. However, Iress shot down the rumours, confirming that it has not received any direct approach.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price was on form and charged 19% higher last week. This appears to have been driven by a broker note out of Ord Minnett on Tuesday. That note reveals that its analysts have upgraded the coal miner’s shares to a buy rating with a $3.00 price target. It made the move on the belief that its shares had been oversold and also due to the rising thermal coal price.
Mesoblast limited (ASX: MSB)
The Mesoblast share price was a strong performer and jumped 16.2% over the five days. This was despite there being no news out of the biotechnology company. Though, this could have been driven by a delayed reaction to a broker note out of Bell Potter from a week earlier. Its analysts put a buy (spec) rating and $3.60 price target on the company’s shares after looking through its remestemcel-L in COVID related acute respiratory distress syndrome (ARDS) trial results.