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

United States

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.