One ASX All Ordinaries Index (ASX: XAO) stock has returned more than 200% to its investors over the past six months alone. Today, it celebrated a second feat by hitting another new all-time high.
Which ASX All Ords company? That would be Clarity Pharmaceuticals Ltd (ASX: CU6). Yes, it was only in early November last year that Clarity shares were trading at $1.06 each. Today, those same shares will set an investor back $3.27.
As mentioned, this Thursday also saw Clarity hit a new record high. Just after the market opened this morning, the All Ords pharmaceutical stock hit $3.31, its new all-time record.
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Why has this ASX All Ords stock just hit a new record high?
Here at the Motley Fool, we've been tracking Clarity's rising star over most of the year. Back in January, my Fool colleague analysed Frazis Capital portfolio manager Michael Frazis's view on the company.
Frazis presciently called Clarity "the most exciting company I've come across in Australia lately", thanks to the favourable data surrounding its copper therapy treatment for late-stage prostate cancer.
Frazis also argued that the company remained vastly undervalued compared to its potential:
If their data continues to hold, this is still early days, and it remains a fraction of the value of recent acquisitions in the space with early stage data.
In March, we also discussed ASX broker Bell Potter's optimistic view on Clarity Pharmaceuticals. Bell Potter posited similar sentiments to Frazis, noting Clarity's prostate cancer patient's having "apparently with no disease progression, many months after commencing treatment".
At the time, Bell Potter gave the All Ords stock a 'speculative buy' rating alongside a share price target of $3.25. That target has certainly aged well.
It was only earlier this week that Clarity revealed its first patient to be dosed with two cycles of its treatment achieved "a complete response", with "undetectable levels of prostate specific antigen (PSA) for almost 6 months".
Much of Clarity's share price gains have come since this positive announcement. Since Monday this week, this ASX All Ords stock has gained a whopping 26.4%. Let's see where this exciting company is headed next.
