3 ASX healthcare shares smashing new 52-week highs today

The buying continues for these healthcare darlings.

| More on:
Three health professionals at a hospital smile for the camera.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

With the S&P/ASX 200 Health Care Index (ASX: XHJ) dipping slightly into the red on Wednesday, it's been a different story for three individual ASX healthcare shares.

Pro Medicus Limited (ASX: PME), Race Oncology Ltd (ASX: RAC), and Regis Healthcare Ltd (ASX: REG) have all hit fresh 52-week highs in trading today.

Here's a look at what's driving investor confidence within each company.

Pro Medicus continues strong performance

Pro Medicus shares nudged its new 52-week high of $135.67 this afternoon. This continues the ASX healthcare share's impressive gain of more than 97% over the past year — and outperforming the healthcare sector by more than 88%.

The recent surge follows several positive developments. For example, Pro Medicus' US subsidiary, Visage Imaging, recently secured five new customer contracts valued at $45 million, as my colleague Bernd reported.

Goldman Sachs values the ASX healthcare stock as a buy with a $136.00 per share price target.

In a note from May, the broker said Pro Medicus was "well positioned into FY25 given a full year benefit of some large, high-profile contracts". It also liked the "accelerating frequency and size of [the company's] new contract wins".

CommSec shows the ASX healthcare share rated as a moderate buy from the consensus of analyst estimates.

Race Oncology leaps on FDA news

Race Oncology also hit a new 52-week high of $2.09 on Wednesday, continuing its buying trend from Tuesday.

This came after the company announced that the US Food and Drug Administration (FDA) had extended the Rare Paediatric Disease Designation (RPDD) of its novel drug compound, RC220 bisantrene.

The compound is indicated for treating childhood subtypes of acute myeloid leukaemia (AML).

"US FDA RPDD is granted for new treatments of serious or life-threatening diseases which affect fewer than 200,000 people in the US and which primarily affect individuals less than 18 years of age", the announcement read.

This designation qualifies Race Oncology to receive a "highly valuable" Priority Review Voucher (PRV). Recent PRV sales "to third parties on the open market" have fetched around US$110 million.

The news has benefitted the ASX healthcare share, which now stands around 49% higher over the past 12 months.

Regis Healthcare on a high

Regis Healthcare was the third ASX healthcare stock to reach a 52-week high today, touching $4.36 in morning trade. The company is a healthcare giant and one of Australia's largest providers.

Analysts at Macquarie recently upgraded Regis Healthcare's rating to outperform, with a price target of $5.50. This upgrade follows favourable recommendations from the Aged Care Taskforce, which looks at innovation in the healthcare sector.

The company's recent acquisition of CPSM, completed in December, added five high-quality aged care homes to its portfolio. As reported by my colleague Tristan, it now boasts 68 residences with a combined total of 7,604 beds.

Regis Healthcare shares are up 96% in the past 12 months.

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Pro Medicus. The Motley Fool Australia has recommended Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on 52-Week Highs

Delighted adult man, working on a company slogan, on his laptop.
Bank Shares

NAB share price hits 9-year high amid yet another strong day for ASX 200 banks

Bank stocks just keep on rising...

Read more »

Man raising both his arms in the air with a piggy bank on his lap, symbolising a record high.
Bank Shares

Westpac and three other ASX 200 bank shares smashing new multi-year highs today

If you own ASX bank shares, you're probably having a great day.

Read more »

A woman reclines in a comfortable chair while she donates blood holding a pumping toy in one hand and giving the thumbs up in the other as she is attached to a medical machine to collect her blood donation.
Healthcare Shares

CSL shares hit new 52-week high! What's next?

These ASX experts reckon CSL investors are still in for a treat.

Read more »

An older female ASX investor holds a gangster-style fist pump pose showing off gold rings with dollar signs on them.
Gold

Big ASX news: Newmont shares hit new record high

If you own Newmont stock, you're in for a treat today.

Read more »

Three hikers lift their arms in jubilation as they reach a rocky peak overlooking a sensational view of water and mountains with a blue sky surrounding them.
52-Week Highs

2 ASX All Ords shares (and one ETF) smashing new highs while the market sinks

These lucky stocks are bucking the market today.

Read more »

A woman looks questioning as she puts a coin into a piggy bank.
Bank Shares

ASX 200 bank shares 'don't appear overly expensive' compared to global peers: UBS

UBS says clients are asking what they should do with their bank shares following the long share price run.

Read more »

A happy girl in a yellow playsuit with a zip gives the thumbs up
52-Week Highs

Zip shares surge 10%, bringing gains to 55% in a month

It appears recent developments continue being priced in to the BNPL player's stock.

Read more »

A silhouette shot of a man holding a control in his hands and watching as a drone hovers overhead with sunrays coming from the sky.
Technology Shares

DroneShield share price roars to yet another all-time high in 2024 surge

Investors continue lifting the bid on the counter-drone tech company.

Read more »