Bluebird Bio shares rocket higher in trading debut

Wednesday, June 19th, 2013 | Finance News

NEW YORK (AP) — Shares of gene therapy developer Bluebird Bio Inc. are surging in their trading debut.

Its shares climbed $9.15, or 53.8 percent, to $26.15 in morning trading Wednesday after trading as high as $27 earlier in the session.

The company's initial public offering of 5.94 million shares had been priced Tuesday at $17 per share, above its initial expectations of $14 to $16 per share.

That raised $101 million before underwriting costs and other expenses.

Bluebird is developing gene therapies for severe genetic and very rare diseases.

The underwriters of the IPO have the option to buy another 891,000 shares of the Cambridge, Mass., company over the next month.

Source