BlueBird Bio Inc - Another Biogen Rout In The Making?

'' BlueBird Bio Inc.

shares are 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. Believe or not, investors rallied the issue to $194 in premarket trading as the information was being disseminated. However, during the regular session, it immediately peaked at $186.50 (still way above its former all time high of ($169.88) and has gone straight down to as low as $170.96 and has not been able to distance itself from that level. This scenario is scaringly similar to the price action of Biogen

on March 20. Off the announcement of positive Alzheimer's study results, it skyrocketed to from its March 19 ($433.65) to $480.18 before ending the volatile session at $475.98, which stands as it's all time closing high. From that highly elevated it has almost been straight down, with the issue finally bottoming over $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 going back to April 23 and 24.