Shares in CSL Limited (ASX: CSL) have plummeted this week, despite no news having been released by the company.
At the time of writing, the CSL share price is $282.68. That represents a fall of 7.48% since Monday's open for the largest of all ASX-listed companies. That figure includes today's 1.37% drop.
The ongoing fall seems to have been spurred by a broker note released by Citi on Wednesday. The broker downgraded the company's shares to a neutral rating and retained its $310 price target.
Let's look at the note that's seemingly driven the the biotech company's share price down this week.
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Citi downgrades CSL
The CSL share price looks to have faltered after Citi suggested the plasma collection market recovery is fully priced in.
Citi moved its recommendation for CSL shares from buy to neutral as the company's share price has outperformed since March and it expects the plasma collection market to normalise this year.
Citi said its rating change is "purely valuation based".
However, the broker stated it's still 15% ahead of the consensus for 2023 financial year estimations.
The broker also noted it sees some upside risk to do with the CSL112 phase III trial currently being undertaken by the company.
The clinical trial is working to confirm the efficacy and safety of CSL112 in reducing reoccurring cardiovascular events after an acute myocardial infarction (MI). Myocardial infarction is the medical name for a heart attack.
CSL112 has so far shown an ability to remove cholesterol from arteries.
The trial is aiming to enrol more than 17,000 patients from approximately 1,000 medical centres globally. Its results are due at the end of this year.
CSL share price snapshot
This year has been tough on the CSL share price, which has fallen 0.81% year to date.
Shares in CSL are also 3.88% lower than they were this time last year.
The company has a market capitalisation of around $130 billion, with approximately 455 million shares outstanding.
