Why Have Shares Of Global Blood Therapeutics Skyrocketed Since Debut?

Shares of biotech firm Global Blood Therapeutics Inc. GBT have more than doubled from its IPO price of $20 since it made its debut on the Nasdaq on Wednesday. Most of the bullishness on the stock has to do with the Sickle Cell drug that the company is developing.

Ted Love, CEO, Global Blood Therapeutics, was on CNBC Friday to discuss the company's drug GBT440, which is in early stage clinical trials right now.

The Disease

"This (sickle cell) is a terrible disease," Love began. "It's actually fairly common. It affects primarily African Americans in the U.S., but it can affect anyone that gets the gene, about 1 in 400 African Americans. It's devastating, lots of pain, lots of suffering and about 2 to 3 decades of life taken away from those individuals who are born with this disease."

Competition

Love was asked about the competition for GBT 440 from bluebird bio Inc BLUE's gene therapy drug which the company says can cure sickle cell disease. He replied, "Well, I think, it's most important that these patients have options. And as a physician that's really what I am excited about because I used to treat them and they had no options. I do think however -- while gene therapy is very exciting -- a pill once a day is going to be a very attractive option for people to try as their first attempt to deal with this disease"