This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

Over the last 24 hours, the price of Litecoin (CRYPTO: LTC) jumped nearly 8% as of 3:40 p.m. ET after the payments company MoneyGram (NASDAQ: MGI) announced that it would enable users to trade and store several cryptocurrencies, including Litecoin, on its app.

So what

In addition to Litecoin, Moneygram will also allow users to trade and store Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). However, with Litecoin having much less of a following and a much smaller market cap, the news did not move Bitcoin and Ethereum in the same way it boosted Litecoin.

MoneyGram’s CEO Alex Holmes said in a statement: “Cryptocurrencies are additive to everything we’re doing at MoneyGram. From dollars to euros to yen and so on, MoneyGram enables instant access to over 120 currencies around the globe, and we see crypto and digital currencies as another input and output option.”

Moneygram has served more than 150 million people over the last five years, so it certainly has enough scale to spread more awareness of Litecoin and potentially grow adoption of the token.

Now what

Litecoin is actually one of the earlier cryptocurrencies, having been launched in 2011. At the time, I believe the value was that it could process more transactions than Bitcoin. There is also a finite amount of 84 million Litecoin tokens.

Unfortunately, since then a ton of new blockchain networks have popped up, all seeking to increase the number of transactions per second they can process. For this reason, and given the ensuing crypto winter, I’m really only interested in the more established tokens like Bitcoin and Ethereum right now.       

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why the price of Litecoin is rising today appeared first on The Motley Fool Australia.

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More reading

• Why A2 Milk, New Hope, Perpetual, and Talga shares are charging higher
• Leading fund manager names the 3 ASX stocks that drove its returns higher in October
• Why is the BetaShares Nasdaq 100 ETF taking a thrashing today?
• It’s not all bad news for ASX All Ords shares today. Here are some big winners
• 3 ASX 200 directors buying up their company shares this week

Bram Berkowitz has positions in Bitcoin, Ethereum, and Litecoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia owns and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.   

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The BetaShares Nasdaq 100 ETF (ASX: NDQ) is down 2.71% today amid a broader sell-off across United States markets overnight.

Units in the exchange-traded fund (ETF) currently trade for $26.60 each. Earlier they fetched a high of $26.65 and a low of $26.53.

The S&P 500 Index (SP: .INX) is currently down 2.5%. Meanwhile, the Nasdaq Composite Index (NASDAQ: .IXIC) is down more at a 3.36% loss.

The shockwave of US markets falling overnight has also reached us here in Australia. All the sector indices are in the red today and the S&P/ASX 200 Index (ASX: XJO) is down too at a 1.84% loss.

There have been some major developments that could have caused the market to panic. Let’s cover the highlights.

US interest rates rise

The US Federal Reserve approved a 0.75% interest rate hike yesterday, thus bringing the benchmark lending rate to a range of 3.75% to 4%.

This rate hike increase is the most aggressive attempt by the Fed to get inflation under control since the 1980s.

While my Fool colleague Bernd notes that the massive rate hike was expected, some of the comments made by the Federal Reserve’s chair Jerome Powell in a post-announcement news conference have apparently caught investors off guard.

Some of these comments included the admission that inflation remains sticky and that interest rates may not yet have reached a level to sufficiently cool down the overheated economy.

Powell said:

We think we have a ways to go. Before we get to that level of interest rates that we think is sufficiently restrictive.

He continued:

The level of rates that we estimated in September, the incoming data suggests that’s actually going to be higher. There is no sense that inflation is coming down… We’re exactly where we were a year ago.

Another insight gleaned from Powell included that it may be “premature” for the Fed to discuss pausing interest rate hikes.

BetaShares Nasdaq 100 ETF price snapshot

The BetaShares Nasdaq 100 ETF is down 26.3% year to date. That’s underperforming the ASX 200 which has lost 7.88% over the same period.

The post Why is the BetaShares Nasdaq 100 ETF taking a thrashing today? appeared first on The Motley Fool Australia.

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• Why is the Core Lithium share price tanking 3% today?
• Perpetual share price surges 9% on new takeover bid
• Coles shares underperformed the market last month. What’s next?
• ASX 200 dives on hawkish Federal Reserve interest rate policies

Motley Fool contributor Matthew Farley 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 BETANASDAQ ETF UNITS. The Motley Fool Australia has positions in and has recommended BETANASDAQ ETF UNITS. 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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The All Ordinaries Index (ASX: XAO) is 1.85% in the red today, but these four All Ords shares are soaring higher.

The A2 Milk Company Ltd (ASX: A2M), Perpetual Ltd (ASX: PPT), RHYTHM Biosciences Ltd (ASX: RHY) and Weebit Nano Ltd (ASX: WBT) share prices are all charging ahead.

The market overall is struggling today amid the US Federal Reserve raising interest rates by 0.75%. So why are these companies surging ahead of the ASX All Ords Index?

A2 Milk

A2 Milk shares are surging nearly 6% today. The company will be selling its infant formula to the United States. A2 Milk has received US Food and Drug Administration (FDA) approval to supply the product to the USA. A2 Milk sees this as a “significant opportunity” to develop its infant milk formula brand in the long term. However, A2 Milk added:

However, at this early stage, it is difficult to predict the IMF sales potential in the US which is a highly competitive market to enter.

Perpetual

Perpetual shares are rising 8% today. The company has rejected an offer from Regal Partners Limited and BPEA Private Equity Fund VIII to acquire 100% of Perpetual’s shares. Perpetual said the $30 cash per share offer “materially undervalues Perpetual”. Perpetual said:

This offer is uncertain and conditional and the Perpetual Board believes that it is not in the best interests of its shareholders to engage on this offer and has therefore rejected the offer.

Rhythm Biosciences

The Rhythm Biosciences share price is soaring nearly 10% today. Rhythm has expanded its international regulatory footprint. This includes registering cancer detection technology ColoSTAT product with the New Zealand national database of medical devices. This will mean the technology can now be marketed and sold in New Zealand.

Commenting on the news, CEO and managing director Glenn Gilbert said:

Rhythm is pleased to expand its international regulatory approval footprint into New Zealand which enables the Company to commence marketing and sales activities for ColoSTAT.

Weebit Nano

This ASX All Ords share is jumping nearly 6% today despite no news from the company. Weebit is a memory and semiconductor technology company. In a presentation this week, the company advised it has made significant technical and commercial progress in the last 12 months. The company is developing ReRam NVM memory technology. The NVM market is forecast to be worth $2.9 billion by 2027, Weebit Nano highlighted.

The post It’s not all bad news for ASX All Ords shares today. Here are some big winners appeared first on The Motley Fool Australia.

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• 2 ASX healthcare shares smashing the All Ords today
• Why is the A2 Milk share price defying the selloff and jumping 9%?
• A2 Milk share price on watch following US FDA approval
• A2 Milk share price climbs amid legal stoush
• Why is the A2 Milk share price underperforming on Tuesday?

Motley Fool contributor Monica O’Shea 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 recommended A2 Milk. 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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The Zip Co Ltd (ASX: ZIP) share price is down in line with the rest of the market amid the company holding its annual general meeting (AGM) today.

The Zip share price is down 2.3% to 62.5 cents at the time of writing. By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is down 1.8%.

At the AGM, Zip provided an investor presentation and CEO and managing director Larry Diamond made a speech.

Let’s see what he had to say.

EBTDA cash flow positive by first half of FY24

The key takeout from today’s AGM is that the buy now, pay later (BNPL) share expects to turn cash EBTDA (earnings before taxes, depreciation and amortisation) positive as a group in the first half of FY24.

Zip mapped out its strategy to become cash flow positive in its annual report in late September.

Following various changes in 2022, including the shutdown of its Singapore and United Kingdom businesses, Zip is now focused on two core markets — Australia and New Zealand, and the US.

The Australia and New Zealand business has been cash flow positive for four years already.

Zip now anticipates that its United States business will be cash flow positive by the end of FY23.

We’ve got the funds to reach profitability

Diamond said Zip has approximately $141 million in available cash and liquidity:

We are confident that we have the balance sheet to fund the Company through to cash EBTDA profitability.

We expect to see the US exiting FY23 cash EBTDA positive and to neutralise the cash burn from our rest of world footprint during the second half of FY23.

We are on track to deliver positive cash EBTDA as a group in the first half of financial year 2024.

$10 trillion addressable market in US

Zip sees the US business as crucial for the company’s growth. This prompted Diamond and his family to relocate to the US this year.

Diamond said the US market was on a similar trajectory to Australia’s market:

In the US, the addressable market is estimated to be over US$10 trillion and BNPL penetration is still under 2%, including just 4% of e-commerce and 1% of in-store spend. This demonstrates the sheer size, and early stage of the BNPL opportunity that we are positioned to capture.

With Worldpay predicting BNPL volumes to more than double in 2025 from 2021 levels, we believe that the US penetration is on a similar trajectory to a more mature market like where we started in Australia.

In Australia, around one-third of adults have a BNPL account and this number is growing. Zip’s brand awareness amongst 18-45 is now close to 60%.

In the last financial year, Zip’s Australian business made a record $28 million cash EBTDA, 2.5 times cash EBTDA from financial year 2021. This clearly demonstrates the operating leverage of the business model and the potential to deliver strong EBTDA growth at scale.

Zip share price snapshot

The Zip share price is down 86% in the year to date.

The shares have been rangebound in the low 60 cents since early October.

They are currently trading 43% above their 52-week low of 44 cents.

The post Zip share price slides despite CEO pinpointing profit timeline appeared first on The Motley Fool Australia.

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More reading

• What could this proposed regulation mean for Zip shares?
• Why is the Zip share price up 5% on Tuesday?
• Why has the Zip share price dumped 12% in October?
• Could this represent another nail in the Zip share price coffin?
• Zip shares have fallen 85% this year but Diamond still says ‘We can be the next CBA’

Motley Fool contributor Bronwyn Allen has positions in ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ZIPCOLTD FPO. 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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Insiders appear to be backing these S&P/ASX 200 Index (ASX: XJO) shares, with three directors bolstering holdings in their own companies this week.

Insider buying is generally a good sign that those in the know believe their company’s stock is trading at a reasonable price. It can also be an indication that those working behind the scenes have confidence in their business.

So, which ASX 200 shares seemingly appear attractive to those in the know? Keep reading to find out.

3 ASX 200 shares being bought by insiders this week

The largest insider purchase of the three ASX 200 shares by value was made by Cochlear Limited (ASX: COH) director Michael del Prado.

The director forked out US$192,000 on 150 shares in the hearing implant device manufacturer, paying US$128 apiece to do so, on Tuesday.

The purchase was made on the United States over-the-counter market and boosted Prado’s holding in the company to 450 shares.

The largest by number of shares was an indirect on-market trade of 15,000 shares in Iluka Resources Limited (ASX: ILU).

Chair of the mineral sands miner, Rob Cole, was behind the purchase, made on Monday. He paid a total of $130,654.14 for the parcel, representing around $8.71 per share. The insider now holds 37,000 shares in the company.

The buy has already turned a slight return. The Iluka share price is trading at $8.79 right now.

The final ASX 200 insider buying shares in their own company this week is IGO Ltd (ASX: IGO) director Justin Osborne.

He indirectly bought 10,000 shares in the diversified metals miner on Tuesday, spending a combined $148,350 to do so. That equates to around $14.835 per stock.

Unfortunately for Osborne, the company’s share price has since slipped. Buying into the company right now would see an investor pay $14.74 a share. That’s 0.6% less than the director’s purchase price.

The post 3 ASX 200 directors buying up their company shares this week appeared first on The Motley Fool Australia.

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• Why is the Core Lithium share price tanking 3% today?
• Perpetual share price surges 9% on new takeover bid
• Coles shares underperformed the market last month. What’s next?
• ASX 200 dives on hawkish Federal Reserve interest rate policies
• Are IGO shares a buy after a huge quarter of profit growth?

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 Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. 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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The Novonix Ltd (ASX: NVX) share price has taken a tumble on Thursday.

In afternoon trade, the battery materials and technology company’s shares are down over 5% to $2.55.

Why is the Novonix share price sinking?

Investors have been selling down the Novonix share price on Thursday amid broad market weakness.

It isn’t just Novonix that is falling, the majority of shares on the S&P/ASX 200 index (ASX: XJO) have dropped into the red. This has led to the benchmark index falling 2% today.

Investors have been hitting the sell button following a selloff on Wall Street overnight after the US Federal Reserve increased rates by 0.75% and warned of more pain ahead.

Higher risk shares, such as battery materials shares, have fared poorly and are falling even more than the market.

For example, the Lake Resources N.L. (ASX: LKE) share price is currently down 5% and the Liontown Resources Ltd (ASX: LTR) share price has fallen 3%.

Though, it is worth noting that even after today’s sizeable decline, the Novonix share price is still up almost 50% since this time last month. That strong gain was driven largely by news that the company has been earmarked for a US$150 million government grant from the US Department of Energy.

The post Why is the Novonix share price tanking 5% today? appeared first on The Motley Fool Australia.

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• A major shareholder sold off most of its Novonix shares last week. What’s happening?
• Novonix shares go for a swim after burning through $25 million
• Why $6.5b Argo Investments is backing these ASX 200 lithium shares
• Down 65% in 2022, chair says Novonix ‘share price will respond appropriately’
• Here are the top 10 ASX 200 shares today

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 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.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Penny stocks are shares in companies that trade for less than $5.00 per share. With a current price of $6.67, AMC Entertainment (NYSE: AMC) isn’t far from that mark. And while the stock might look like a good deal, it is cheap for a reason. Let’s explore why the struggling movie theater operator looks poised for more downside over the long term.

Profitability challenges and weird managerial decisions

We all know the COVID-19 pandemic devastated in-person entertainment venues like movie theaters, which saw their locations closed for much of 2020 and 2021. Now that the industry is back on its feet, sales are soaring — but profitability has been slower to return. AMC’s third-quarter earnings report highlights this challenge. While revenue jumped 162% year over year to $1.17 billion, the company generated a net loss of $121.6 million mainly because its operating expenses outstripped its sales. 

But management’s questionable decision to purchase a 22% stake in precious metals company Hycroft Mining is also contributing to the problem — generating a $57.3 million investing expense (a non-cash loss) in the period. It is unclear what relation an asset like Hycroft has to AMC’s core movie theater business, and the acquisition showcases a pattern of unorthodox and arguably reckless managerial decision-making at the company. Unfortunately for investors, it doesn’t end there. 

Alarming levels of equity dilution 

Other pandemic losers, such as cruise operator Carnival Corporation undertook vast amounts of long-term debt to survive the crisis. AMC had a different approach: equity dilution. The company raised capital by issuing more of its stock — a process that increased its shares outstanding from 135,528 in the second quarter of 2019 to 516,821 in the corresponding period of 2022, an increase of 281%. 

From a management perspective, this was probably the right move. AMC’s stock price has been artificially inflated by the meme stock movement. And the dilution allowed the company to quickly raise cash without undertaking the solvency risk that would have come with debt financing. But there is no such thing as free money. Equity dilution is a problem for investors because it reduces their claim on current and future earnings. This can lower the fundamental value of their shares. 

AMC’s management also seems to be taking their dilution habit too far. 

In April, the company announced a special dividend of preferred shares called AMC Preferred Equity (NYSE: APE) units at a rate of 1 for 1 with the company’s common stock outstanding. Management promptly began diluting the new equity by agreeing to sell 425 million of the new shares in September. On the surface, APE may look like a way to sell more shares without diluting the original AMC equity, but there is a catch. 

APE shares have full voting rights and can become convertible to AMC common stock if shareholders approve. With the number of APE shares rising quickly, the dilutive chickens could eventually come home to roost. 

AMC is cheap for a reason 

While AMC’s low stock price might catch the attention of bargain-hungry investors, it pays to look before you leap. Even if the company’s operational challenges are eventually resolved, management’s questionable decision-making and relentless equity dilution are major red flags for long-term investors. Continued declines look likely.  

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Could AMC Entertainment become a penny stock? appeared first on The Motley Fool Australia.

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• What’s the outlook for the Xero share price in November
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• Is there going to be a gunfight at the AGL corral?

Will Ebiefung has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Carnival. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Xero Limited (ASX: XRO) share price has dropped into the red on Thursday following a broad market selloff.

In afternoon trade, the cloud accounting platform provider’s shares are down 2.5% to $73.72.

Where next for the Xero share price?

While the Xero share price hasn’t had a great start to the month, analysts at Goldman Sachs believe things could get better. Particularly if Xero delivers some strong numbers next week when it releases its half year results for FY 2023.

According to the note, ahead of next week’s release, the broker has retained its buy rating and lifted its price target slightly to $112.00.

Based on the current Xero share price, this implies potential upside of 52% for investors over the next 12 months.

What did the broker say?

Goldman highlights that trading conditions appear to have been solid based on a recent update from rival Intuit (Quickbooks). It commented:

Near-term industry momentum solid: with Intuit upgrading 1Q23 revenue growth guidance to be >25% in the quarter given SMB/Tax strength (vs. GSe XRO 1H23 rev +28%). This is supported by positive top-line visitation / engagement datapoints with: (1) 2Q23 visitation share stable to improving – we highlight Canada (+ve) & UK (improved post recent weakness); and (2) App downloads remaining solid with robust AUS growth, consistent performance in UK/NZ/ROW while Planday is softer.

However Xero App integration numbers declined in each region which followed the transition to the new app-store and fees across all apps in Aug-22 (prev. just new). Finally we note Xero cost growth appears to be moderating with Nov-22 job vacancies for Xero at c.35% of PcP levels, noting employees are the largest portion of XRO’s cost base.

All in all, based on the above, the broker is expecting a solid half year update next week and sees plenty of value in the Xero share price at current levels.

The post What’s the outlook for the Xero share price in November appeared first on The Motley Fool Australia.

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• How are ASX 200 tech shares faring after the overnight NASDAQ plunge?
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• Why are ASX 200 tech shares getting bashed around today?
• Why I’d buy and hold this ASX 200 share until 2030
• How I’d build a portfolio by investing in top ASX shares now

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 Xero. The Motley Fool Australia has positions in and has recommended Xero. 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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The Bitcoin (CRYPTO: BTC) price is down 1% over the past 24 hours. BTC is currently trading for US$20,297.

Ethereum (CRYPTO: ETH), the world’s number two crypto, has slipped 3% to US$1,542.

With equities under pressure following the latest interest rate hike from the Federal Reserve, both tokens are holding up fairly well today.

But the same can’t be said for their performance over the last year.

On 10 November last year, the Bitcoin price reached all-time highs of US$68,790. It’s down a painful 71% since that record.

The Ethereum price notched its own record highs six days later. On 16 November Ether was trading for US$4,892. It’s fallen 69% from that virtual high water mark.

Facing these kinds of headwinds, two of Australia’s pioneering crypto exchange-traded funds (ETFs) are pulling the plug.

Ethereum and Bitcoin price falls hampered these ETFs

Cosmos Asset Management launched the Cosmos Purpose Bitcoin Access ETF (CBTC) and Cosmos Purpose Ethereum Access ETF (CPET) earlier this year.

The Bitcoin ETF made its debut on the Cboe Australia exchange (formerly Chi-X) on 12 May, as The Motley Fool covered here. At that time, the Bitcoin price had already taken a big tumble but was still trading for around US$30,000.

While crypto investors had hoped that may be the bottom for the Ethereum and Bitcoin price rout, we know now that’s not how it panned out.

With the funds under pressure, yesterday Cosmos informed investors that it “will be applying to revoke the funds’ quotation on Cboe”.

Trading in both the Cosmos Bitcoin ETF and Ethereum ETF was halted on Monday. Cosmos stated, “Trading on the funds will continue to be halted pending the outcome of the application to Cboe.”

Commenting on the decision, Dan Annan, CEO of Cosmos, said (courtesy of The Australian Financial Review):

While we strongly believe in the asset class, we are all disappointed with this result. The ETFs are ring-fenced by independent external service providers, which is a key transparent risk mitigation structure across all asset classes… We will continue to follow the process in the best interests of all unitholders.

Both crypto ETFs look to be a casualty of fast-rising global interest rates.

The Bitcoin price reached its records when rates across the developed world were at historic lows, with central bankers predicting several more years of low rates.

The post Ethereum and Bitcoin price crash spells the end for these Aussie crypto ETFs appeared first on The Motley Fool Australia.

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More reading

• Up 18% in a month, could it still be worth buying Ethereum at its current price?
• The Bitcoin price leapt 10% in October. Here’s why
• Why one of the smartest investors bought Bitcoin and thinks you should too
• The Bitcoin price may be decoupling from US stocks. Is this why?
• Why are Bitcoin, Ethereum, and Dogecoin leaping higher today?

Motley Fool contributor Bernd Struben 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 Bitcoin and Ethereum. The Motley Fool Australia has positions in and has recommended Bitcoin and Ethereum. 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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The CSL Limited (ASX: CSL) share price is falling today amid the company providing an update on its research and development progress at an investor briefing.

CSL shares are currently down 1.84% to $277.52 apiece. For perspective, the S&P/ASX 200 (ASX: XJO) is 1.86% in the red.

Let’s take a look at what is going on with the ASX healthcare share.

Research and development update

A seemingly positive investor presentation has done little to help the CSL share price today.

In its presentation, CSL said it is continuing to focus on next-generation mRNA vaccines. The company also highlighted some recent achievements.

For example, Etranacogene dezaparvovec (CSL222) gene therapy for haemophilia B treatment has been accepted for review by the Food and Drug Administration in the USA and the European Medicines Agency in Europe. This will be the first gene therapy treatment for haemophilia B if approved.

Further, CSL highlighted phase three results for garadacimab (CSL321, anti-FX11a), an investigational first-in-class monoclonal antibody. This is a potential long-term treatment for patients with hereditary angioedema.

The trial has met efficacy objectives and showed tolerability and safety. The company aims to file for approval of this treatment in the next calendar year.

CSL also noted the Vifor business, acquired this year, adds therapies including nephrology, dialysis and iron deficiency.

Head of research and development and chief medical officer Dr Bill Mezzanotte said:

CSL is on the leading edge of innovation in areas we know well and we have strategically and methodically built a pipeline that has never been more robust with diverse sources of innovation, from in-house and external sources, that include the disruptive scientific platforms of gene therapy and sa-mRNA.

CSL highlighted it invested about $1.16 billion in research and development in the 2022 financial year.

What else has CSL been up to?

On Wednesday, CSL revealed it has entered a licensing agreement with Arcturus Therapeutics Holdings Inc (NASDAQ: ARCT) to access late-stage self-amplifying mRNA vaccine platform technology.

Arcturus is developing mRNA vaccines, including a potential COVID-19 vaccine.

Commenting on the news, CSL chief operating officer Paul McKenzie said: “These combined capabilities will accelerate our journey in mRNA.”

However, the CSL share price ended the day 0.19% lower.

CSL share price snapshot

The CSL share price has descended 11% in the past 12 months, while it has lost 4.5% this year to date.

For perspective, the ASX 200 has lost about 7% in the past year.

CSL has a market capitalisation of more than $134 billion based on the current share price.

The post What’s happening with the CSL share price today? appeared first on The Motley Fool Australia.

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More reading

• Here’s why brokers rate these blue chip ASX 200 shares as buys
• Top brokers name 3 ASX shares to buy today
• Why is the CSL share price falling on Wednesday?
• Did the CSL share price fall or rise in October?
• Bell Potter names 9 ‘champion’ ASX 200 shares to buy for the next five years

Motley Fool contributor Monica O’Shea 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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