$BLUE Another Biogen Rout In The Making?

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BlueBird Bio: Another Biogen Rout In The Making?

Joel Elconin is the co-host of Benzinga’s #PreMarket Prep, a daily trading idea radio show.

BlueBird Bio Inc (NASDAQ: BLUE) shares were trading higher by $5.64 at $171.35 in Thursday’s session. The catalyst for the rally came from the company’s presentation of LentiGlobin (gene therapies for severe genetic and rare diseases and T cell-based immunotherapies) clinical data at 20th Congress of European Hematology Association.

Investors rallied the issue to $194 in pre-market trading as the information was being disseminated. However, during the regular session, it immediately peaked at $186.50 (way above its former all-time high of $169.88) and went down as low as $170.96.

This scenario is similar to the price action ofBiogen Inc (NASDAQ: BIIB) on March 20. Off the announcement of positive Alzheimer’s study results, it skyrocketed to from its March 19 close ($433.65) to $480.18 before ending the volatile session at $475.98, which stands as its all-time closing high.

From that highly elevated level, it has almost been straight down, with the issue bottoming more than $100 lower on April 30 at $368.88. Since making that low, it drifted back to $403.48 and is attempting to post its second close over $400 for the first time since April 23 and 24.

Editor’s note: At time of publication, Bluebird shares traded at $173.18, up $7.46 (4.5 percent).

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