Bluebird Bio (NASDAQ:BLUE) stock is on the move Thursday following U.S. Food and Drug Administration (FDA) approval for ZYNTEGLO.
ZYNTEGLO is a gene therapy designed for patients that “require regular red blood cell transfusions.” Specifically, the treatment is for those suffering from beta-thalassemia, an inherited blood disorder that causes a reduction of normal hemoglobin and red blood cells (RBCs).
The FDA approval for ZYNTEGLO includes both adult and pediatric patients suffering from beta-thalassemia. It’s also the “first and only” gene therapy treatment for the disorder with FDA approval.
Bluebird Bio CCO and COO Tom Klima said the following about the news boosting BLUE stock:
“We have developed an equally innovative commercial infrastructure in collaboration with payers and providers, and with a focus on patients, to enable broad and timely access to ZYNTEGLO for eligible patients and to support patients and families at every step of the treatment journey.”
ZYNTEGLO will be available “exclusively” at Bluebird Bio Qualified Treatment Centers (QTCs). The company intends to add QTCs on a rolling basis with the first wave coming in September. The goal is to start treating patients in the fourth quarter of the year.
Today’s news has BLUE stock seeing heavy trading. As of this writing, more than 23 million shares have been traded. For comparison, the daily average trading volume is around 8.6 million shares.
BLUE stock started off up this morning but is currently down 14% as of Thursday afternoon.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.