Why Bluebird Bio (BLUE) Stock Hit a One-Year High Today

NEW YORK (TheStreet) -- Bluebird Bio  (BLUE) surged to a 52-week high of $41.77 on Monday after the company reported positive results on Saturday from its gene therapy for the blood disorder beta-thalassemia.

The company announced that two patients with the blood disorder were able to cease blood transfusions after one treatment with BlueBird's experimental gene therapy called LentiGlobin, which replaces the defective gene with a fully functional one.

The stock was up 34.73% to $35.15 at 11:56 a.m. More than 4.2 million shares had changed hands, compared to the average volume of 239,356.

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