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Three ASX healthcare shares are breaking new 52-week highs today

Three ASX healthcare shares are breaking new 52-week highs today

Three ASX healthcare shares are breaking new 52-week highs today

Image source: Getty Images

With the S&P/ASX 200 Healthcare Index (ASX: XHJ) dipped slightly into the red on Wednesday, it was 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 new 52-week highs in today’s trading.

Here’s a look at what drives investor confidence within each company.

Pro Medicus continues to deliver strong performance

Pro Medicus shares hit their new 52-week high this afternoon at $135.67. This continues the impressive rise of over 97% in the healthcare ASX share over the past year – outperforming the healthcare sector by over 88%.

The recent increase follows several positive developments. For example, Pro Medicus’ US subsidiary, Visage Imaging, recently won five new client contracts worth $45 million, as my colleague Bernd reported.

Goldman Sachs rates the ASX healthcare share as a Buy with a price target of $136.00 per share.

In a May note, the broker said Pro Medicus was “well positioned in FY25, given full-year upside from some large, high-profile contracts.” The company also liked the “accelerated frequency and volume of (the company’s new contracts).”

CommSec shows that the ASX healthcare stock is rated a Moderate Buy based on consensus analyst estimates.

Race Oncology jumps on FDA news

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

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

The compound is indicated for the treatment of subtypes of acute myeloid leukemia (AML) in children.

“U.S. FDA RPDD is granted for new treatments for serious or life-threatening diseases that affect fewer than 200,000 people in the U.S. and primarily affect individuals under the age of 18,” the announcement said.

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 raised approximately $110 million.

The news has benefited the ASX healthcare share, which is now up about 49% over the past twelve months.

Regis Healthcare on a high

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

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

The company’s recent acquisition of CPSM, which completed in December, added five high-quality retirement homes to its portfolio. As my colleague Tristan reported, it now has 68 homes with a total of 7,604 beds.

Shares of Regis Healthcare are up 96% in the last twelve months.