The CSL Ltd (ASX: CSL) share price lagged the S&P/ASX 200 Index in the first quarter of 2023.
Shares in the ASX 200 biotechnology company closed out 2022 trading for $287.76. When the closing bell rang on 31 March, those same shares were trading for $288.30, up 0.2%.
While that put the CSL share price in positive territory for Q1 2023, it underperformed the benchmark index, which gained 2% over the three months.
Here's how the quarter unfolded.
What happened over the first quarter?
If you have a look at the price chart at the end of this article, you'll see that the CSL share price enjoyed a strong run in the early weeks of 2023.
On 3 February, shares closed at $313.81, notching fresh one-year highs.
Alongside the broader rising market at the time, the biotech giant looks to have benefited from some positive broker coverage.
Morgans was among those bullish brokers, adding CSL to its best ideas list for February. Morgans has a price target for CSL shares of $312.20.
Morgan Stanley also was positive on the company's stock, reaffirming its overweight rating with a $354 price target.
From 3 February through to 31 March, the CSL share price went the other direction though, falling 8.1% over that period.
One headwind could be that investors were pricing in news released on 3 February that GSK plc (NYSE: GSK), a rival biotech stock, had received approval from the United States Food and Drug Administration for a competing drug to treat anaemia caused by chronic kidney disease.
CSL also reported its half-year results on 14 February.
The biotech company reported a 19% year-on-year increase in total revenue for the six months to US$7.2 billion.
But profits were hit by currency headwinds and increased acquisition costs. This saw net profit after tax (NPAT) decline 8% year on year to US$1.6 billion.
The CSL share price also slipped 2.2% on 9 March. That's the day it traded without rights to the interim dividend of $1.62, unfranked.
CSL share price snapshot
As you can see in the chart below, the CSL has enjoyed a strong start to April, with shares up 5% so far this month.
