There was a time when CSL Ltd (ASX: CSL) could almost do no wrong in the eyes of investors.

But that now feels like a very long time ago.

At the time of writing, the CSL share price is down 1.77% to $112.85.

This comes after the biotech giant released another disappointing update tied to its Vifor business.

It is the latest blow in what has become an absolute brutal period for one of the ASX’s former market darlings.

CSL shares are now down around 34% since the start of 2026 and have fallen more than 50% over the past year.

So, what’s the latest to go wrong?

CSL’s Vifor troubles deepen in Europe

According to the release, CSL said a European Medicines Agency committee has recommended that marketing authorisation for TAVNEOS be revoked in the European Union (EU).

TAVNEOS, also known as avacopan, is sold by CSL Vifor affiliates in the EU and European Economic Area (EEA) under a licence agreement.

The treatment is used for adults with severe, active ANCA-associated vasculitis, a rare disease that causes inflammation in small and medium blood vessels.

The recommendation follows a review into the handling of data in the pivotal Phase 3 ADVOCATE clinical trial, which supported the product’s approval.

CSL said the European Commission will now review the committee’s opinion and make a final decision in due course.

In the meantime, the company expects to stop new patient starts in EU and EEA markets, in line with regulatory guidance.

Management commentary

CSL said it was disappointed with the outcome, but will respect the regulatory process.

Bill Mezzanotte, CSL’s head of research and development, noted that the company recognises this is a difficult moment for the community.

He said:

Patient care remains our highest priority, and we are working closely with regulatory authorities, healthcare professionals and patient organisations.

CSL advised that sales revenue from TAVNEOS is expected to be approximately US$45 million in FY26.

The company will provide more detail on the intellectual property impairment linked to TAVNEOS when it reports its FY26 full-year results on 18 August.

CSL also pointed out that today’s announcement doesn’t change the estimated impairment it provided to investors in May.

Why this still hurts

Despite the setback , keep in mind that TAVNEOS is tiny next to CSL’s broader global operations.

However, Vifor has already been a major frustration for investors after CSL flagged large write-downs earlier this year.

So, another issue from the same part of the business was never going to land well.

CSL is still a global biotech heavyweight, with major plasma, vaccine, and iron deficiency businesses. Its market capitalisation also remains above $54.5 billion, so this isn’t a business suddenly running out of options.

Nonetheless, investor trust has already been severely damaged.

The post Another CSL blow: Why this beaten-up ASX giant is sliding again appeared first on The Motley Fool Australia.

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Forrestania Resources Ltd (ASX: FRS) has agreed to buy the Edna May Gold Hub from Ramelius Resources Ltd (ASX: RMS) in a deal worth $300 million in cash and scrip.

Transformational gold opportunity

Under the deal, Forrestania will pay Ramelius $200 million in cash and $100 million in its own shares for the hub, which includes the 2.9 million tonne per annum Edna May mill, associated infrastructure and the existing 945,000 ounce gold resource.

The company said the deal complements its Lake Johnston processing hub which is currently undergoing refurbishment.

Forrestania Chair David Geraghty said regarding the deal:

This transaction upholds Forrestania’s strategy to consolidate the proven and prospective gold assets in the Forrestania region. Approximately 12 months ago, Forrestania embarked on an aggressive M&A strategy to consolidate stranded high-quality gold assets and underexplored tenure surrounding Edna May. This strategy has been incredibly successful and set Forrestania up for today’s acquisition. Forrestania believes it has the proven development and delivery team that is ready to refurbish, upgrade and commission the 2.9Mtpa Edna May Mill going forward. This work will be completed in conjunction with Forrestania’s commissioning of Lake Johnston which is on-track for late 2026.

Forrestania said it was targeting a restart of the Edna May mill in the first half of 2027.

Forrestania shares were in a trading halt on Monday while the company completed a $300 million capital raise to fund the deal.

The company said it was targeting more than 6 million tonnes of ore processing capacity by the first half of 2027, with the Lake Johnston facility on track for commissioning in the fourth quarter of 2026.

Building a bigger WA footprint

The company added:

With Forrestania already holding significant tenure and JORC Resources surrounding Edna May, the acquisition builds-out its dual processing hub-and-spoke network, increasing Forrestania’s operational flexibility and ensuring the right ore goes to the right mill. With a permitted and existing processing plant and associated infrastructure, Edna May presents a compelling near-term restart opportunity and allows Forrestania to avoid the approvals burden, development timeline and increased capital intensity associated with greenfield developments.

Forrestania shares, which last changed hands for 42.5 cents, are expected to remain in a trading halt until Wednesday, July 1.

The company is currently valued at $569.2 million.

Ramelius shares were up 3% on the news.

Ramelius said in a statement to the ASX, “the transaction provides Ramelius with an opportunity to crystallise value from a non-core asset and further focus resources on its core business”, while also retaining exposure to Edna May through its equity in Forrestania.

The post This ASX gold company’s aggressive M&A program continues with $300 million deal appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.

With lots of ASX shares to choose from on the Australian market, it can be difficult to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares that leading brokers have named as buys this week are outlined below. Here’s why they are bullish on them:

ANZ Group Holdings Ltd (ASX: ANZ)

According to a note out of Citi, its analysts have retained their buy rating and $39.25 price target on this banking giant’s shares. Citi highlights that Judo Capital Holdings Ltd (ASX: JDO) recently downgraded its earnings guidance due to three specific exposures. The broker believes these exposures are a credit risk problem and not signs of a systemic issue. As a result, it isn’t worried about ANZ at this stage. However, it concedes that the economy is in a challenging place and there are macro headwinds that the big banks could face. Nevertheless, the broker likes ANZ due to its exposure to business banking, which it prefers to retail banking at present. The ANZ share price is trading at $35.11 on Monday.

Neuren Pharmaceuticals Ltd (ASX: NEU)

A note out of Bell Potter reveals that its analysts have retained their buy rating on this biotechnology company’s shares with an improved price target of $23.50. This follows news that European regulators have reversed a negative recommendation on its Daybue product, which makes its approval quite likely now. Outside this, the broker estimates that the market is giving no value to Neuren’s NNZ-2591 product, which is under development. This could be a big mistake given how it estimates the product could be a multi-billion-dollar value asset if it succeeds in its Phase 3 trial. Trial results for NNZ-2591 are expected towards the end of 2027. The Neuren Pharmaceuticals share price is fetching $15.63 at the time of writing.

Qualitas Ltd (ASX: QAL)

Analysts at Macquarie have retained their outperform rating on this alternative asset manager’s shares with a trimmed price target of $3.95. According to the note, the broker was pleased to see Qualitas upgrade its margin guidance for long-term funds management EBITDA. It notes that this is being driven by benefits from an AI-enabled platform that should streamline the investment process. In addition, it has been pleased to see the company continues its long run of growing funds under management quicker than peers. It expects this to underpin strong earnings per share growth through to at least FY 2028. The Qualitas share price is trading at $3.01 this morning.

The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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Citigroup is an advertising partner of Motley Fool Money. Motley Fool contributor James Mickleboro 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 Macquarie Group. The Motley Fool Australia has recommended Macquarie Group and Qualitas. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.