Bluebird Bio Inc BLUE shares are trading lower by 10.0% to $6.55 Wednesday morning after the company announced a proposed public offering of common stock.
The underwritten public offering is for 20,000,000 shares of its common stock. Bluebird also intends to grant the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of its common stock to be sold in the offering.
The company says it intends to use the net proceeds of the offering:
- (i) to support commercialization and manufacturing for its two approved gene therapies, ZYNTEGLO and SKYSONA;
- (ii) to accelerate future commercialization activities for its gene therapy candidate, lovotibeglogene autotemcel (lovo-cel) for sickle cell disease, if approved; and
- (iii) to fund working capital and other general corporate purposes.
According to data from Benzinga Pro, Bluebird Bio has a 52-week high of $8.58 and a 52-week low of $2.86.
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