BlueBird Bio Soars Off Potential Drug Approval

'' Blue Bird Bio Inc.

shares are trading higher by $7.18 at $163.58 in Tuesday's session. There are two catalysts that had the issue near its all time high ($169.88), reaching only $169.50 earlier in today's session. First of all, it was announced early this morning the company was meeting with EU and US regulatory authorities to discuss approval for LentiGlobin BB305, a candidate for the treatment of beta-thalassemia major. The company is pursuing accelerated approval and is satisfied with the progress being made with both entities. The dose of good news prompted JP Morgan to reiterate is Overweight rating on this issue, but maintains a price target ($117), that is well below its current price. After a sharply higher open, ($162 vs. Monday's close $156.40), it quickly sprinted to its all all time high, but was turned back just shy of that level. Since making the issue has given back most of the gains accrued since the open. The all-time closing high for the issue stands at it May 12 close of $166.21. .