Why Bluebird Bio Stock Is Crashing Today
Shares of Bluebird Bio (NASDAQ: BLUE) were crashing 23.3% lower as of 12:18 p.m. EDT on Monday. The big decline came after the company announced two negative developments in its second-quarter update.
Bluebird said that the U.S. Food and Drug Administration (FDA) has placed a phase 3 study featuring eli-cel (also known as Lenti-D) on clinical hold. The company also stated that it plans to focus only on the U.S. market with its severe genetic disease products and pull out of the European market.
With Bluebird's double whammy this morning, it's not surprising that the biotech stock tanked. But just how bad is the news for the company?
Source Fool.com
