BUZZ-Gene therapy makers set to end 2024 in the red

Shares of bluebird bio BLUE.O leads yearly declines for gene therapy makers, with Vertex Pharmaceuticals VRTX.O and BioMarin BMRN.O also set to end 2024 in the red

VRTX falls 1.6% YTD, while BMRN is down 32% and BLUE down 71%

One-time treatments Lyfgenia and Casgevy, by BLUE and VRTX, respectively, were approved in the U.S. last year to treat inherited blood disorder sickle cell disease

However, uptake of these gene therapies has been slow, with early use seen mainly in patients with severe disease

Centers for Medicare & Medicaid Services said this month it had entered into agreements with VRTX and BLUE to help increase patient access to their gene therapies

BLUE's shares fell to record low of 32 cents in November after co missed third-quarter revenue estimates

BMRN said in August it will refocus commercial operations for hemophilia gene therapy Roctavian on three key markets; said it will reduce its global workforce by about 225 employees

YTD, VRTX down ~2% vs a 40% gain in 2023, BMRN set for its second straight year of decline and BLUE set for its fifth straight year of decline

(Reporting by Sneha S K)

((Sneha.SK@thomsonreuters.com;))