The CSL Limited (ASX: CSL) share price is trading marginally lower, down 0.41% to $281.83 at the time of writing.
Over the past month, the ASX biotech share is down 4.15% and in the year to date, it's fallen 4.55%.
The company hasn't announced any price-sensitive news since its FY22 results on 17 August.
What do the experts think of the CSL share price?
In an article on Livewire, Vince Pezzullo of Perpetual Asset Management says the CSL share price is elevated.
Pezzullo wrote: "We regard CSL as a high-quality stock, but it is trading at a price well above its value."
According to research published on the Westpac trading platform, CSL is trading at a price-to-earnings (P/E) ratio of 38.76.
This is more than twice the market average of 14.47 and well above the sector average of 26.88.
But analysts at Macquarie see further growth ahead for the CSL share price.
As my Foolish colleague James reported yesterday, Macquarie has retained its outperform rating on the stock. It has a share price target of $329.50 on CSL shares. That's a potential 16% upside.
The broker highlighted CSL's successful recent phase 3 trial of garadacimab, which brings the hereditary angioedema treatment closer to approval.
According to CSL, the company "aims to begin filing with global health authorities at the end of the current fiscal year for full approval".
If regulators give the go-ahead, Macquarie reckons it could command almost half of the market in the coming years.
In a company poll, Macquarie asked its experts to pick the best ASX 100 defensive shares to buy today.
CSL was among them due to its multiple growth drivers, as my colleague Brendan reported yesterday.
