Why Bluebird Bio Stock Is Taking Flight Today
Shares of the commercial-stage gene therapy company bluebird bio (NASDAQ: BLUE) are having a strong session Wednesday. The biotech's stock was up by a noteworthy 18.8% on heavy volume as of 10:41 a.m. ET today.
What's fueling this double-digit uptick? Ahead of the opening bell, news hit that Bank of America securities analyst Jason Gerberry upgraded the stock to buy from neutral, citing the company's strong prospects in sickle cell disease (SCD) as the main reason for the upgrade.
In April, bluebird submitted its long-awaited regulatory filing to the Food and Drug Administration (FDA) for the gene therapy lovotibeglogene autotemcel (lovo-cel) as a treatment for SCD. After accepting the filing last month, the FDA set a Prescription Drug User Fee Act date of Dec. 20, 2023.
Source Fool.com
