The CSL Limited (ASX: CSL) share price has outperformed this month despite the company releasing potentially disappointing news.
The biotechnology stock has slipped 0.03% since the end of April. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has fallen 2.22%.
At the time of writing, the CSL share price is $273.22.
Let’s take a look at all the market has heard from the company this month.
What’s been going on with CSL this month?
The CSL share price has seemingly shrugged off the downturn spurred by a delay to the company’s $17.2 billion acquisition earlier this month.
The biotech giant announced its planned takeover of Vifor Pharma had hit a hurdle on 12 May.
Regulatory approvals are expected to drag the process out for a few months longer than was previously planned.
The news dragged the CSL share price 1.8% lower. Though, it lifted another 3.3% the following day.
The news also wasn’t enough to throw the stock off the course of the S&P/ASX 200 Health Care Index (ASX: XHJ).
As the above chart shows, CSL shares – represented in orange – have been trading closely in line with the company’s sector – represented in teal – over the last month.
Meanwhile, the ASX 200 – represented in blue – has been underperforming both.
There were a number of other happenings that might have bolstered market sentiment in CSL’s stock this month.
The company announced its plasma collections had reached pre-pandemic levels in early May.
Additionally, plenty of brokers are bullish on CSL’s stock. Notably, Citi slapped it with a $335 price target and Bell Potter expects big things to come.
CSL share price snapshot
While CSL’s stock has outperformed over the last month, it’s struggled over the longer term.
The company’s shares have slipped 8% year to date. They have also fallen 6% since this time last year.
The post What happened to the CSL share price in May? appeared first on The Motley Fool Australia.
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More reading
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- The best 2 ASX shares money can buy right now: expert
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. 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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