By - Priyabrata Prusty
- The S&P/ASX 200 index rose 0.86% to close at 7,068.90 on Wednesday, partially rebounding from losses made in the previous three trading sessions.
- Here are three ASX stocks which have hit fresh 52-week highs on Wednesday.
- Kiland Ltd (ASX: KIL) shares have risen in all the last six sessions.
The Aussie equity market witnessed some recovery on Wednesday, 15 March 2023, after a three-day carnage. The S&P/ASX 200 index rose 0.86% to close at 7,068.90 after correcting 4.3% in the previous three trading sessions. Nine out of the 11 ASX sub-sectors witnessed gains, while two witnessed losses. However, some ASX stocks seem unaffected by the overall market dynamics and are driven by their own fundamentals. Here are three such ASX stocks, which hit fresh 52-week highs on Wednesday.
Neuren Pharmaceuticals Ltd (ASX: NEU)
Shares of this biotech company jumped as much as 17% to an intraday high of AU$11.660, which happens to be a fresh 52-week high for the stock. On Tuesday as well NEU shares hit a 52-week high of AU$10.190 despite the overall weakness in the market. Including today's gains, NEU shares have risen nearly 55% in this month so far and 42.6% year to date (YTD).
The ASX 300 stock has gained in all the trading sessions in March 2023, except for three. However, most of the recent gains in the stock came on and after 13 March, when the company informed its treatment for Rett’s Syndrome got approval from the US drug regulator, US Food and Drug Administration (US FDA).
For the uninitiated, Rett Syndrome is a genetic neurological and developmental disorder rarely found in children and affects their brain development. With this US FDA approval, Neuren Pharmaceuticals' compound trofinetide becomes the first and only approved treatment for this disease.
As part of its deal with North America-based Acadia Pharmaceuticals (NASDAQ: ACAD), which got the US drug regulator's approval for trofinetide (brand name DAYBUE), Neuren will get royalties of up to 15% of net sales and milestone payments of up to US$350 million on total net sales above US$1 billion in a calendar year.
Connexion Telematics Ltd (ASX: CXZ)
This technology company rose as much as 10% to a new 52-week high of AU$0.022 on Wednesday. With today's move, the CXZ shares crossed their previous 52-week high of AU$0.021 clocked yesterday, 14 March 2023. The stock has now gained 109% in the last one month and YTD.
Although no recent announcement from the company can be linked to the recent up move in the shares, the company has been conducting on-market buybacks of its shares, as informed earlier.
Kiland Ltd (ASX: KIL)
Shares of this forestry management company have been rising for the last six sessions. KIL shares today closed 0.867% higher at AU$1.745, which is a fresh 52-week high for the stock. Including today's gains, the stock has appreciated over 10% in the last one month and 46.5% in the last one year.
Like Connexion Telematics, this company has not come up with any price-sensitive announcement recently that can be linked to this gain in stock price, and this company has also been conducting on-market shares buybacks.