Bluebird Bio Inc. BLUE, +1.81% shares lifted 9% in Monday morning trade after the company and its partner, Celgene Corp. CELG, -0.05% released phase 1 clinical trial results for the CAR-T cell therapy bb2121 showing that median patients survived for 11.8 months without their cancer progressing. Celgene shares declined 0.7%. The trial focused on patients with late-stage relapsed/refractory multiple myeloma, and patients had tried several other treatments before bb2121, with a median of seven prior myeloma treatment regimens. Bluebird shares initially dropped premarket, as expectations were been high for the clinical trial, competition is fierce in this area and Wall Street analysts noted concerns about patients relapsing. “The current update brings us back to earth,” Bernstein analyst Ronny Gal said. “BCMA is a good target, but not curative in late lines,” and he noted that a “blue-sky hope was (and still is) that BCMA CAR-T would gradually move to early/first line” as a treatment for the cancer. Bluebird shares have dropped 3.3% over the last three months, and Celgene shares have dropped 12%, compared with a 1.6% rise in the S&P 500 SPX, +0.48% and a 0.4% rise in the Dow Jones Industrial Average DJIA, +0.84%
Bluebird Bio shares lift slightly on CAR-T cancer therapy results
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