On Tuesday the local market may have edged lower once again, but not all shares were held back.
In fact, the three shares listed below hit 52-week highs or better. Is it too late to invest?
The Avita Medical Ltd (ASX: AVH) share price rocketed to a 52-week high of 13.5 cents on Tuesday. This latest gain means that the regenerative medicine company's shares have now risen an impressive 50% since this time last week. Investors have been fighting to get hold of Avita's shares since last week's announcement that the U.S. FDA had approved its Premarket Approval application to market the RECELL Autologous Cell Harvesting Device to treat severe thermal burns in patients 18 years and older. With the company now aiming to launch the product into the US$200 million market in the fourth quarter of 2018, it could be on the verge of generating meaningful revenues. It's a little soon for an investment for me, but I'll be keeping an eye on its progress.
The Helloworld Travel Ltd (ASX: HLO) share price continued its solid run on Tuesday and rose to a multi-year high of $5.95. This travel agent is one of my favourite shares in the mid cap space and I can't say I'm surprised to see its shares pushing higher. After all, the company delivered a massive 48.1% increase in profit after tax to $32 million in FY 2018 and has forecast earnings growth in the region of 16.5% and 23% this year. Even at this multi-year high its shares are changing hands at an attractive 22x full year earnings. In light of this, I feel its shares can still go higher from here and continue to class it as a buy.
The Woodside Petroleum Limited (ASX: WPL) share price zoomed to a multi-year high of $38.05 yesterday thanks to rising oil prices. A number of its peers have also risen to 52-week highs or better this week after the Brent crude oil price broke through the US$80 a barrel mark for the first time in four years. The strong oil price gains were driven by news that Saudi Arabia and Russia had ruled out an increase in production to plug the gap caused by sanctions on Iran. With some experts tipping the Brent oil price to break through the US$100 mark in the near future, Woodside could be one to watch. However, I would suggest investors wait to see how oil prices fare before making a move as I suspect higher prices have already been built into the Woodside share price.
