BLUE - Bluebird bio crashes after Q3 earnings miss; liquidity drops 20%
It is another forgetful day for bluebird bio (BLUE -42.7%) as the shares recorded the biggest-ever one-day decline after the gene-therapy focused biotech reported worse-than-expected financials for Q3 2021. While revenue increased ~18% YoY to $23M, the cash and equivalents, including marketable securities, dropped as much as ~24% from 2020 year-end, driven by the conduct of normal operating activities. However, with several moves already planned to reduce expenses and subject to a potential sale of priority review vouchers for beti-cel and eli-cel, the company expects its liquidity will be adequate to fund operations through 2023. bluebird bio (NASDAQ:BLUE) anticipates the FDA to accept its marketing application for beti-cel in beta-thalassemia this month. It is also in discussions with the FDA to resolve the clinical hold on eli-cel and expects to file a marketing application for the gene therapy candidate by the end of 2021. The clinical hold triggered by an
For further details see:
Bluebird bio crashes after Q3 earnings miss; liquidity drops 20%