Why bluebird bio Stock Soared Today

Shares of bluebird bio (NASDAQ: BLUE) were soaring 9.1% higher as of 3:13 p.m. EDT on Thursday after rising as much as 10.4% earlier in the day. The nice gain came as the overall stock market jumped on news that the Federal Reserve Board announced it would inject another $2.3 trillion into the U.S. economy.

You might think Bluebird wouldn't be impacted very much by the Fed's latest effort to prop up an economy that's reeling from the COVID-19 pandemic. After all, the company only has one commercial product, transfusion-dependent beta-thalassemia drug Zynteglo, and it's not approved in the U.S. yet.

Image source: Getty Images.

Source Fool.com