Stocks are often cheap for a reason, so when investors come across a company whose shares are trading for under $3.50 apiece and with a market capitalization of $350 million, that naturally raises eyebrows. That's the situation Bluebird Bio (NASDAQ: BLUE) finds itself in right now.

The biotech has severely underperformed in recent years, but it hasn't given up on its goal of developing effective gene-editing therapies for rare diseases. It continues to make progress; the company is even looking at an important potential catalyst.

But will that be enough to help it turn things around? Let's find out. 

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Source Fool.com