Shares of Bluebird Bio, Inc. BLUE are down nearly 35% this morning after the clinical-stage company announced trial results for its LentiGlobin BB305 product, a gene therapy treatment for a rare blood disease.

In its presentation at the American Society of Hematology’s annual meeting, Bluebird said that it has shifted its clinical strategy for the drug, after discovering that it works differently for every patient. Because one result can’t be achieved, the company plans to split up its study populations in new tests.

LentiGlobin BB305 is a therapy to help patients with beta-thalassemia (BT) major. BT is a blood disorder that reduces the production of hemoglobin, the iron-containing protein in red blood cells that carries oxygen throughout the body. Thousands of infants are born with BT each year, and the disorders occurs most frequently in Mediterranean countries, North Africa, the Middle East, Central Asia, India, and Southeast Asia.

Despite the change in trial tactics, Bluebird’s official press release states that it is “safe, feasible and potentially efficacious to treat patients with beta-thalassemia major with LentiGlobin BB305.”

After first introducing BB305 as a solution for BT, shares of Bluebird traded as high as $194. However, the stock lost momentum throughout the trial. Following the latest news, shares have dipped below $60. Bluebird currently has a Zacks Rank #3 (Hold).

Some better ranked stocks in the biomedical field include Achillion Pharmaceuticals ACHN, Anika Therapeutics ANIK, Arena Pharmaceuticals ARNA, and Heska Corporation HSKA.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
ARENA PHARMA (ARNA): Free Stock Analysis Report
 
ACHILLION PHARM (ACHN): Free Stock Analysis Report
 
ANIKA THERAPEUT (ANIK): Free Stock Analysis Report
 
HESKA CORP (HSKA): Free Stock Analysis Report
 
BLUEBIRD BIO (BLUE): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research