The CSL Limited (ASX: CSL) share price has edged lower since this time last month, down 2.38%.
While the global biotech didn't release any market-sensitive news, investors appeared to be mixed about the company's shares.
At market close on Wednesday, CSL shares finished trading at $264.50, up 0.82%.
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What's weighing down CSL shares?
A number of factors are playing against CSL shares for the moment as the COVID-19 pandemic begins to subside.
First and foremost, the S&P/ASX 200 Health Care Index (ASX: XHJ) has moved sideways since the start of 2022.
Investors appear to have focused their efforts on other performing sectors on the ASX such as the S&P/ASX 300 Metals & Mining Index (ASX: XMM). This consists of the top 300 ASX companies that are involved with gold, steel and precious metals.
And it is no surprise given the war in Ukraine, and inflationary movements that commodity prices have skyrocketed.
Market psychology can be a powerful force when crowd behaviour chases market rallies or sell-offs during downturns.
In addition, the company's first half results provided an update on its plasma collection issues. It noted that plasma numbers were 18% higher than H1 FY21, but still slightly down on 2019 levels.
CSL opened 18 new facilities in the first half of FY22 to attract lapsed and new donors through its doors. For the remainder of the financial year, the company plans to open another 35 centres, expanding its presence, mostly across the United States.
Nonetheless, a number of brokers rated the company's shares to pick up over the course of the year.
Morgan Stanley raised its outlook to "overweight" from "equal weight", adding 7.9% to a 12-month price target of $302.
Based on the current CSL share price, this implies a potential upside of 14.2%.
Meanwhile, Citi cut its rating on CSL shares by 1.5% to $335. Based on Citi's assessment, this implies an upside of almost 27% from where it trades today.
CSL share price summary
When looking from this time last year, the CSL share price has moved in circles registering a less than 15 gain.
Year to date has not fared well, losing 9% in value across the 4-month period.
CSL commands a market capitalisation of roughly $127.41 billion, making it the third largest company on the ASX.
