Berkeley Lights stock drops more than 25% following outlook, CEO search

 Berkeley Lights stock drops more than 25% following outlook, CEO search

Berkeley Lights Inc. shares dropped in the extended session Wednesday after the biotech drug developer said it is looking for a new chief executive and forecast revenue below Wall Street estimates.

Berkeley Lights
BLI,
-11.29%

shares fell 26% after hours, following an 11.3% drop in the regular session to close at $16.27. As of Wednesday’s close, shares are down 82% over the past 12 months compared with a 26% gain in the S&P 500 index
SPX,
-1.94%
.

The company said CEO and board member Eric Hobbs will “transition” to the head its antibody therapeutics business after it finds a new CEO through an external search.

The company said it expects 2021 revenue of between $84.0 million and $84.5 million. Analysts surveyed by FactSet had forecast $90.8 million.

The company said it expects a gain of about 30% in revenue for 2022. Based on its 2021 forecast, that would work out to about $109.2 million to $109.9 million. Analysts had estimated $123 million.

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