Why Bluebird Bio's Stock Dived by Over 11% This Week
Despite its Friday lurch downwards, the stock market generally had a good week. Not every company on the exchange did well, however, and that list includes Bluebird Bio (NASDAQ: BLUE). The gene-editing specialist's shares fell more than 11% earthward, according to S&P Global Market Intelligence, as some pundits got more bearish after the company won regulatory approval for a new drug.
On Wednesday, Bluebird announced it had secured Food and Drug Administration (FDA) approval for its Zynteglo, a drug that targets transfusion-dependent beta-thalassemia (TDT), a rare blood-related disease. Zynteglo is a one-time, gene-based therapy designed to attack the underlying genetic cause of the disorder in both adults and younger patients. It is the first such medication for TDT.
According to Bluebird, around 1,300 to 1,500 people in the U.S. currently suffer from the disease. The biotech said that "due to the complex nature of gene therapy," Zynteglo will only be administered at qualified treatment centers with expertise in gene therapy, among other relevant procedures.
Source Fool.com
