RTTNews | Jan 6, 2022 10:49AM EST

10:49 Thursday, January 6, 2022 (RTTNews.com) - Shares of Berkeley Lights, Inc. (BLI) tanked nearly 35% on Thursday morning after the biotech company announced that its CEO Erick Hobbs is stepping down from the role, and the company is in search of a new chief executive. The company also forecast a revenue outlook below Wall Street estimates.

BLI is currently trading at $10.59, down $5.68 or 34.91%, on the Nasdaq, on a volume of nearly 5 million shares, far above its average volume of 1 million.

Hobbs will transition from his role as CEO and member of the board of directors to president of the Antibody Therapeutics business line. The company is initiating a search for a new CEO. Hobbs will continue to serve in his role as CEO and member of the board of directors until the appointment of his successor.

Looking forward to full year 2021, the company expects revenues of $84.0 million to $84.5 million, representing an increase of more than 30% compared to $64.3 million in 2020. Analysts polled by Thomson Reuters estimate revenues of $90.85 million.

For the full year 2022, the company expects revenues to grow about 30% compared to prior year revenue. Analysts currently estimate revenues of 36.20% in the full year.

Read the original article on RTTNews ( https://www.rttnews.com/3253285/berkeley-lights-tanks-35-as-ceo-steps-down-weak-fy21-revenue-outlook.aspx)

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