These All Ords shares have more than doubled in 12 months

Megaport Ltd (ASX:MP1) and these All Ords shares have more than doubled in value in 12 months despite the coronavirus crash…

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After performing very strongly in 2019, the All Ordinaries index has given back all its gains and more in 2020.

This means the index is now down a disappointing 17.2% since this time in 2019.

The good news is that not all shares have given back their gains. In fact, some have still more than doubled in value over the period.

Here's why these All Ords shares are up over 100% during the last 12 months:

Megaport Ltd (ASX: MP1)

The Megaport share price is up a massive 109.8% since this time last year. Investors have been buying the shares of the leading provider of elastic interconnection services after it continued to deliver exceptionally strong revenue growth. Strong demand for its services due to the cloud computing trend led to Megaport reporting half year revenue of $25.9 million in FY 2020. This was an increase of 70% on the prior corresponding period. The company's Monthly Recurring Revenue (MRR) has also been growing very strongly. At the end of March its MRR was up 19% since the end of December to $5.4 million. This was driven by further increases in customer numbers, total services, and its availability in data centres globally.

Mesoblast limited (ASX: MSB)

The Mesoblast share price has zoomed a remarkable 107% higher over the last 12 months. Interestingly, all of this gain has been made in 2020 during the coronavirus pandemic. Investors have been buying the biotech's shares after it released an update on trials of its allogeneic mesenchymal stem cell product candidate remestemcel-L. These trials were testing the product in ventilator-dependent COVID-19 patients. As you might have guessed from its share price performance, that update revealed very promising results. According to the release, remestemcel-L saw an 83% survival rate in ventilator-dependent COVID-19 patients (10 out of 12 patients) with moderate to severe acute respiratory distress syndrome (ARDS). This is significantly better than the standard of care treatment.

Opthea Ltd (ASX: OPT)

The Opthea share price has been the best performer on the All Ords over the last 12 months with a whopping 243% gain. The catalyst for this strong gain was an impressive study update from the developer of novel biologic therapies for the treatment of eye diseases. That study related to its OPT-302 combination therapy for treatment-naïve patients with wet age-related macular degeneration (AMD). Pleasingly, the combination therapy showed statistical superiority for the most accepted and sensitive primary efficacy outcome. This could be a very big positive for the company, as the product is targeting two very lucrative markets. The standard of care treatments for wet AMD and fellow treatment target Diabetic Macular Edema (DME) had sales of over US$3.7 billion and US$6.2 billion, respectively, in 2018.

Foolish Takeaway.

Finding shares that are going to double in value in 12 months is close to impossible. However, given how hard the market has fallen in recent months, I believe there are a lot of shares that have been oversold and could provide strong returns in the future.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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.

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