Why bluebird bio Stock Jumped Today
Shares of bluebird bio (NASDAQ: BLUE) were jumping 4% as of 3:30 p.m. EDT on Monday after rising as much as 10.8% earlier in the day. The gain came after Bluebird and its partner Bristol Myers Squibb (NYSE: BMY) announced on Friday that the U.S. Food and Drug Administration (FDA) approved Abecma (ide-cel) as a fifth-line treatment for multiple myeloma.
FDA approval was expected for Abecma. However, it came later than Bluebird hoped it would. The FDA issued a Refusal to File letter on Bluebird and BMS' first regulatory submission for the cell therapy in May 2020. The partners quickly addressed the FDA's issues, though, and refiled in July.
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Source Fool.com
