Why Bluebird Bio's Stock Is Trading Lower Today

Bluebird Bio Inc BLUE is trading lower Monday after the company reported worse-than-expected second-quarter financial results and announced that the FDA placed a clinical hold on clinical studies of elivaldogene autotemcel gene therapy for cerebral adrenoleukodystrophy.

Bluebird Bio reported a quarterly earnings loss of $3.43 per share, which came in below the estimate for a loss of $3.19 per share. The company reported quarterly revenue of $7.47 million, which came in below the estimate of $19.68 million.

The company anticipates completing the submission of the rolling biologics license application for elivaldogene autotemcel gene therapy in 2021, subject to the resolution of the FDA's clinical hold. 

“Given what we know, we remain confident that eli-cel can offer hope for patients and families impacted by this devastating disease who have very few treatment options," said Nick Leschly, CEO of Bluebird Bio.

Bluebird Bio is a clinical-stage biotechnology company that develops gene therapies for severe genetic and rare diseases.

Price Action: Bluebird Bio is making a new 52-week low in trading today.

At last check Monday, the stock was down 25.10% at $18.74.