BLUE - Did Bluebird Bio Stock Just Get a New Lease on Life?
With its shares crushed to a pulp by a 97% decline over the last three years, it's easy to think that Bluebird Bio (NASDAQ: BLUE) might be on its last legs. But after a shocking rally of nearly 72% on June 13 spurred by a couple rulings from the Food and Drug Administration (FDA), there's reason to believe the biotech could be on the verge of making a comeback.
Now, it's entirely possible that Bluebird will eclipse its former glory by commercializing more than one medicine before the end of the year. But there are still a few obstacles it'll need to navigate successfully before it becomes an investor favorite, so let's take a look at what's happening and why it's likely to determine the company's future.
Bluebird develops gene therapies that have the potential to treat rare hereditary diseases like beta thalassemia and cerebral adrenoleukodystrophy (CALD). And on June 10, it reported that the FDA's nonbinding advisory committee had weighed in unanimously positively on not just one but two of its pending regulatory submissions. The submissions pertained to its beti-cel and eli-cel therapies, which are intended to treat beta thalassemia and CALD in adolescents, respectively.
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Did Bluebird Bio Stock Just Get a New Lease on Life?