The CSL Limited (ASX: CSL) share price struggled through the March quarter despite plenty of good news being released by the company.
In fact, the biotechnology giant's stock tumbled 7.76% last quarter, ending the period trading at $270.05.
For comparison, the S&P/ASX 200 Index (ASX: XJO) ended the quarter trading relatively flat with where it started, recording a gain of just 0.74%.
So, what moved the CSL share price over the three months ended 31 March? Let's take a look.
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What happened to the CSL share price last quarter?
The CSL share price had some notable ups and downs over the course of the March quarter.
The first came with the announcement of the completion of CSL's share purchase plan on 14 February.
The share purchase plan – first announced in December – raised $750 million for CSL's acquisition of Vifor Pharma.
The company received applications of $942.7 million for the capital raise, which offered new shares in the company for $253.57 apiece. As a result, it had to scale the offer back.
However, as The Motley Fool Australia's James Mickleboro reported, the company was hit with a negative note from S&P Global Ratings that same day.
All in all, the CSL share price fell 1.99% on 14 February. Fortunately, it was soon boosted by the release of the company's half-year results.
Over the six months ended 31 December, CSL's revenue rose 5.3%, while its net profit after tax (NPAT) slipped 2.8%. The company's dividend stayed at US$1.04 per share.
However, its bullish view on plasma collections and its financial year 2022 earnings likely helped lift the CSL share price.
It gained 8.51% on the day of its earnings' release and a further 5.05% the following day.
The final piece of price-sensitive news released by the company last quarter dropped after the market closed on 3 March.
Then, CSL announced 74% of Vifor Pharma's shares were tendered under a public tender offer.
That was slightly less than the company's goal of 80%. Nevertheless, CSL said it would waive its acceptance rate condition and declare the offer successful.
Following the tender offer, CSL commenced a tender period for subsequent acceptance of the offer. As a result, the acquisition was on track to be finished by the middle of 2022.
The CSL share price gained just 0.31% on the news.
What else might have driven CSL's stock last quarter?
That's all the price-sensitive news released by CSL in the March quarter. However, there were a few more happenings that might have helped boost market sentiment toward its shares.
The company reportedly ditched efforts to create an antiviral treatment for COVID-19 in January. It will instead be focusing its $1 billion-a-year research program on other projects.
Additionally, CSL's influenza vaccine was granted new approvals by regulators in March. As a result, it can now be administered to children above the age of two.
