Bluebird bio Inc. (NASDAQ:BLUE) is a clinical-stage biotechnology company. With its lentiviral-based gene therapy and gene editing capabilities, bluebird bio has built an integrated product platform with broad potential application to severe genetic diseases and T cell-based immunotherapy.
Bluebird bio is down 21.95% to $70.36 on Thursday after they report third quarter financial results Wednesday. Collaboration revenue was $1.3 million for the third quarter of 2015 compared to $6.3 million for the third quarter of 2014. Net loss was $42.9 million for the third quarter of 2015, compared to net loss of $17.0 million for the third quarter last year. Loss per share is $1.18 compared to loss per share $0.61.
“2015 continues to be a year of significant advancement for our programs in beta-thalassemia, sickle cell disease and oncology, which is reflected in our strong presence at ASH this year. We are excited about the progress we’ve made in the third quarter in enrolling the HGB-206 study in severe sickle cell disease, and we have made the decision to increase the enrollment target in order to gather more data and provide additional regulatory options,” said Nick Leschly, chief bluebird. “Our balance sheet remains strong, allowing us to continue to execute on our goals heading into 2016. This includes initiating the Phase 1 study for our first clinical oncology program, bb2121, in early 2016 and our plans to present data from the Starbeam study of LentiD in CCALD in the first half of 2016.”
Thursday morning, shares of Bluebird fell 8% premarket because of the company's third quarter results. When stock market opening, stock price jumped down over 20% today after abstracts for the American Society of Hematology (ASH) meeting were released this morning.
ASH is one of the biggest medical conferences of the year for blood-based diseases. Investors had driven up shares of bluebird going into the data dump, so any less-than-positive data was sure to send shares down. Unfortunately, that what investors got partly.