As we approach the final month of trading for another year, it's exciting to look back and see which ASX 300 stocks are on track to deliver the best share price growth this year.
The S&P/ASX 300 Index (ASX: XKO) is currently tracking at 19.5% growth over the past 12 months.
That's obviously a great result.
But hang on to your hats as we reveal the 3 ASX 300 stocks that are up by more than 300% over the past 12 months.
Triple treat: 3 ASX 300 stocks shooting the lights out
Based on data provided by S & P Global Market Intelligence, there are only 3 stocks in the ASX 300 that have recorded 300% growth or more over 12 months.
1. Zip Co Ltd (ASX: ZIP)
This ASX 300 financial stock is having an absolute screamer!
The Zip share price has soared by 817.8% over the past 12 months. No kidding.
Zip shares knocked out a two-and-a-half-year high of $3.53 this month.
The buy now, pay later company is on the comeback trail after a messy few years that saw it abandon its plans for global expansion and refocus on core markets and earlier profitability.
Wilson Asset Management portfolio manager, Tobias Yao says the ASX 300 financial stock's recovery has been driven by growth in its US business.
In the latest lot of quarterly results, Zip reported a 43% increase in US business earnings, beating market expectations.
Looking ahead, Yao commented:
We think Zip Co will be a beneficiary of any interest rate cuts in Australia with consumer sentiment, spending and credit quality likely to improve.
We continue to see strong momentum in the business and see the potential for further earnings upgrades over the course of the year.
Zip shares closed at $3.35 on Tuesday.
2. Clarity Pharmaceuticals Ltd (ASX: CU6)
This ASX 300 biotech stock has risen by 348.2% over the past 12 months. In September, Clarity Pharmaceuticals' share price reached an all-time high of $8.98.
Clarity Pharmaceuticals is a clinical-stage radiopharmaceutical company seeking to develop novel products to fight various types of cancer.
This year, the market has been very optimistic about Clarity's trials of its prostate cancer treatment, 67Cu-SAR-bisPSMA.
As we covered in April, a patient had a "complete response" to cycles of treatment with 67Cu-SAR-bisPSMA. This meant there was no detectable cancer on test results at the end of the treatment.
The ASX 300 healthcare stock closed at $5.75 on Tuesday.
3. Mesoblast Ltd (ASX: MSB)
Fellow ASX 300 biotech stock, Mesoblast is up by 336.4% over the past 12 months. The Mesoblast share price reached a three-year high of $1.83 this month.
After years of work and setbacks in gaining approval from the United States Food and Drug Administration (FDA), Mesoblast resubmitted its lead drug Ryoncil for consideration in July.
Ryoncil, or remestemcel-L, treats steroid-refractory acute graft versus host disease (SR-aGvHD) in children. The FDA has previously rejected the drug and demanded more studies.
The company expects a decision by 7 January 2025.
Mesoblast certainly seems confident and has already arranged funding for an immediate launch.
In September, the company announced a convertible note subscription with its largest shareholder to give it access to funds if the FDA finally gives Ryoncil the green light.
Under the agreement, Mesoblast can issue up to US$50 million in convertible notes in US$10 million tranches over 90 days if the FDA approves Ryoncil.
The ASX 200 biotech share closed at $1.71 on Tuesday.
