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Bluebirds stock is up after saying illness reported in clinical trial wasnt likely caused by gene therapy

Shares of Bluebird Bio Inc.
BLUE,
+7.16%

gained 6.9% in trading on Wednesday after the company said it was “unlikely” that the diagnosis of acute myeloid leukemia in a patient participating in an early-stage study can be attributed to its sickle cell disease treatment candidate. The experimental gene therapy is currently being tested in a Phase 1/2 clinical trial. “It is very unlikely our BB305 lentiviral vector played a role in this case and we have shared with the FDA that we believe these results support lifting the clinical holds on our β-thalassemia and sickle cell disease programs,” Philip Gregory, Bluebird’s chief scientific officer, said in a news release. The Food and Drug Administration had placed a clinical hold on the programs in February. “The findings, in our view, are pretty convincing that the vector is not responsible,” Bernstein analysts told investors on Wednesday. Bluebird’s stock is down 51.5% over the past 12 months, while the broader S&P 500
SPX,
+0.54%

is up 41.1%.

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