What happened to the CSL (ASX:CSL) share price in October?

How did CSL shares perform last month? We take a closer look

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The CSL Limited (ASX: CSL) share price kicked up a notch in October, nearing its 52-week high of $320.42. While the global biotech didn't release any market-sensitive news, investors appeared to be buying the company's shares.

They gained around 4% during October to end the month at $300.49.

At the time of writing, the CSL share price is $310.93, up 0.03% on the day. This means its shares are around 3% off breaking a new 52-week high and are up around 8% over the last month.

Scientists in a laboratory look at a computer screen with anticipation on their faces representing a potential change in the performance of ASX biotech shares in FY23

Image source: Getty Images

How did CSL fare last month?

During early October, CSL released the commentary around its annual general meeting (AGM).

Almost all of the information had already been divulged in previous market updates such as its full-year results in August. However, it didn't stop investors pushing up the CSL share price on the day to $292.68, a gain of 1.80%.

The surge came despite the S&P/ASX 200 Index (ASX: XJO) falling 0.26% to 7,280 points on the day.

CSL noted that it sees the current FY22 financial year as a transitional one. The board is confident the company can return to sustainable growth in the next 24 months. It has several major expansion projects underway along with developing its R&D pipeline products.

Nonetheless, there is still a strong demand for its portfolio of therapies and vaccines, which have offset plasma collection headwinds.

Plasma levels for FY21 were down about 20% on the previous year and these were collected at a higher cost per litre. This came from additional PPE and cleaning requirements, social distancing and labour costs as well as higher compensation paid to donors.

Most recently, a couple of brokers rated the company's shares following CSL's annual R&D day.

Multinational investment firm Goldman Sachs raised its price target by 1% to $305.00, while Jefferies had a more bullish outlook. The latter lifted its 12-month view by 3.1% to $338.00. Based on the current share price, this implies an upside of around 9% on Jefferies' assessment.

CSL share price review

When looking over the last 12 months, the CSL share price has gained around 6%. Year-to-date it has fared slightly better, up almost 10% for the period.

CSL presides a market capitalisation of roughly $141.49 billion, and has approximately 455.67 million shares on issue.

Motley Fool contributor Aaron Teboneras owns shares of CSL Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of 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 Bruce Jackson.

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