The S&P/ASX All Ordinaries Index (ASX: XAO) closed down 0.68% to 8,416.60 points on Friday.

However, these three ASX All Ords health care shares stood out after hitting new 52-week highs.

3 ASX All Ords health care shares that hit new highs

Pro Medicus Limited (ASX: PME)

Pro Medicus shares hit a new all-time high of $181.28 despite no news from the company on Friday.

This ASX All Ords health care stock has ripped up the charts in 2024, with the share price up 86%.

According to a recent note from top broker Goldman Sachs, Pro Medicus has market leadership in health imaging and competitive advantages over its peers.

The company has reported plenty of new contracts this year. The broker says Pro Medicus has a 7% market share in the United States but expects this to grow to more than 25%.

The broker also cites a strong return on investment (ROI) for the Visage product and exciting prospects for growth due to artificial intelligence (AI).

Goldman has a buy rating on Pro Medicus with a 12-month share price target of $193.

The ASX All Ords healthcare share is up 117% over the past 12 months.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price reached a new 52-week peak of $1.54 despite no news from the company.

It's been a crazy week for this ASX biotech stock, with share price growth of almost 30% in just five days.

An announcement on Monday seems to be the catalyst for this growth, with no further news since.

Mesoblast announced it had entered into a convertible note subscription agreement with its largest shareholder, Gregory George.

The agreement stipulates that Mesoblast can issue up to US$50 million in convertible notes in US$10 million tranches over a 90-day period if the United States Food and Drug Administration (FDA) approves its lead drug candidate, remestemcel-L (brand name Ryoncil).

The convertible notes have a coupon of 5% per annum on the face value. The funding would enable Mesoblast to immediately launch its go-to-market commercial strategy after the approval.

Ryoncil treats steroid-refractory acute graft versus host disease (SR-aGvHD) in children. The FDA has previously rejected the drug and asked for more medical trials.

Mesoblast resubmitted the drug for consideration in July and expects a decision by 7 January 2025.

The ASX 300 biotech share is up 314% over the past 12 months.

Opthea Ltd (ASX: OPT)

This ASX All Ords health care stock touched a new 52-week high of 87 cents on Friday.

This clinical-stage biopharmaceutical company is focused on developing treatments for common and progressive eye diseases.

These include wet age-related macular degeneration (wet AMD), one of the leading causes of blindness in older adults, and diabetic macular edema (DME).

Opthea's lead product, sozinibercept, is being evaluated in two phase 3 clinical trials. It is being used in combination with standard-of-care anti-VEGF-A monotherapies to see if it achieves better results for patients.

The company anticipates top-line readouts in early 2Q CY25 (COAST trial) and mid-CY25 (SHORE trial). If successful, Opthea hopes to apply for FDA approval.

The company did not issue any price-sensitive news today.

The ASX All Ords health care share has risen by 166% over the past 12 months.