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Bluebird Stock Slips 13%

Shares of bluebird bio, Inc. (BLUE) are slipping over 13% on Monday morning despite being up 15% in pre-market trading.

BLUE is currently trading at $5.50, down $0.84 or 13.28%, on the Nasdaq, on a volume of 13.7 million shares, above average volume of 8 million. The stock opened its trading at $6.63 after closing Friday's trading at $6.34. The stock has traded between $2.87 and $17.85 in the past 52 weeks period.

Last Friday, bluebird bio announced that the U.S. Food and Drug Administration has granted accelerated approval of Skysona (elivaldogene autotemcel), also known as eli-cel, to slow the progression of neurologic dysfunction in boys 4-17 years of age with early, active cerebral adrenoleukodystrophy (CALD).

The company also confirmed that the previous clinical hold on the eli-cel clinical development program has been lifted.

CALD is a rare, progressive, neurodegenerative disease that primarily affects young boys and causes irreversible, devastating neurologic decline, including major functional disabilities such as loss of communication, cortical blindness, requirement for tube feeding, total incontinence, wheelchair dependence, or complete loss of voluntary movement. Nearly half of patients who do not receive treatment die within five years of symptom onset.

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