The past three years have been a southbound roller coaster for Bluebird Bio (NASDAQ: BLUE). The small-cap biotech encountered a series of headwinds, losing 90% of its value. But Bluebird hasn't said its last word -- and it recently earned an important approval in the U.S. that could help it turn things around.

Should investors consider purchasing shares of this beaten-down biotech stock now? Let's look into what Bluebird's recent approval means for the company's overall prospects.

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Source Fool.com