Moving up 1.71% at the time of writing to trade at $297.37, the CSL Ltd [ASX:CSL] share price looks to be making a recovery in turbulent times.
CSL is now Australia’s largest company by market cap, coming in at $132.75 billion. Announcing a net profit of $1.248 billion for the six months ending 31 December 2019, CSL are in a strong position to see out the storm of the coronavirus.
What’s been happening at CSL
The company recently announced it’s acquiring exclusive global license rights to commercialise an adenoassociated virus (AAV) gene therapy program, AMT-061 (etranacogene dezaparvovec), for the treatment of haemophilia B from uniQure. The AMT-061 program, currently in Phase 3 clinical trials, could be one of the first gene therapies to provide potentially long-term benefits to patients with haemophilia B.
UniQure is a leading gene therapy company listed on the NASDAQ.
With the new deal uniQure will get a $450 million payment up front from CSL, followed by other payments and royalties.
CSL managing director, Paul Perreault noted:
‘Upon approval, we believe this next-generation therapy would be highly complementary to our existing haemophilia B product portfolio.’
Where can the CSL share price go from here?
From the low in November 2018, CSL’s share price moved up 98.14% to the high of $342.75 in February 2020.
Price fell back with the onset of the COVID-19 virus but managed to move back up. Now only 13.17% down from the all-time high, sitting at $297.37 at the time of writing.
Interestingly, price is now forming a pennant pattern with a sideways movement. Should it move out of this to the upside levels of $310.81 and $333.03 it may provide future resistance.
On the downside, if the price were to fall, then levels of $275.75 and $242.43 may come into focus.
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