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Bluebird Bio stock falls after FDA approves gene therapy

Yahoo Finance's Julie Hyman discusses the reversal in Bluebird Bio shares after the FDA approved its second gene therapy.

Video Transcript

[AUDIO LOGO]

BRAD SMITH: Before we go to break here, checking in on some of the trending tickers. One particular, let's check out Bluebird. Shares of Bluebird Bio, ticker symbol BLUE, now, you're seeing that move lower by about 11.3%. This is after the Food and Drug Administration approved the company's gene therapy for a rare and lethal brain disease in male children ages 4 to 17. The drug will be marketed under the name Skysona.

[MUSIC PLAYING]

JULIE HYMAN: The stock was actually rallying in premarket trading. So interesting now to see it come lower initially. That was seen as good news, by the market. But now seeing this drop. Not sure exactly what's going on here, if there's just-- if it's a sell the news kind of situation. I'm not sure.

This is a very volatile stock, we should mention, Bluebird Bio, as are many of the biotech stocks that tend to move quite sharply on these various announcements, expectations for what approval is gonna look like and what various developments are gonna look like from a clinical perspective. So we'll continue to track this and try and figure out, why it's now lower--

BRAD SMITH: Yeah.

JULIE HYMAN: --after rising on that news.

BRAD SMITH: Indeed. Typically, a sign, at least an FDA approval would be something enough to move a company like this higher over the trading session.