HomeFinancial MarketsHere is why Berkeley Lights Inc. (BLI) share plummeted on Wednesday?

Here is why Berkeley Lights Inc. (BLI) share plummeted on Wednesday?

Berkeley Lights Inc. (BLI) shares plummeted 25.63% in after-hours on Wednesday, January 05, 2021, and closed the daily trading at $12.10. Even in the regular trading session on Wednesday, BLI’s stock lost 11.29%. BLI shares have fallen 81.47% over the last 12 months, and they have moved down 7.40% in the past week. Over the past three months, the stock has lost 12.20%, while over the past six months, it has plunged 64.85%.

Let’s have a brief discussion about its recent news and developments.


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BLI latest news

On January 05, 2022, Berkeley Lights, Inc. reported preliminary, unaudited revenue for the full year ended December 31, 2021.

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BLI is expecting total revenue in the range of $84.0 million to $84.5 million for the full year 2021, which is more than a 30% increase if we compared it to $64.3 million revenue in 2020.

FY 2022 financial guidance

For 2022, the Company expects revenue for 2022 to grow approximately 30% compared to prior year revenue.

BLI CEO transition

Yesterday, Berkeley Lights, Inc., also announced that Eric D. Hobbs, Ph.D. will transition from his role as chief executive officer (CEO) and member of the board of directors to the president of the Antibody Therapeutics business line. Dr. Hobbs will continue to serve in his role as CEO and member of the board of directors until the appointment of his successor.

BLI participation in the upcoming event

Berkeley Lights, Inc. (BLI) management will participate virtually in the upcoming 40th Annual J.P. Morgan Healthcare Conference on Tuesday, January 11 at 12:45 p.m. Pacific Time / 3:45 p.m. Eastern Time.

BLI new board member

On Dec. 20, 2021, Berkeley Lights, Inc. (BLI), appointed Jessica Hopfield, Ph.D. to the Berkeley Lights’ Board of Directors as an independent director.

BLI participation in the recent event

Berkeley Lights, Inc. participated at the upcoming Antibody Engineering & Therapeutics (AE&T) meeting, which was held virtually and in-person from Dec. 12-16, 2021, in San Diego, California.  BLI showcased its Beacon Optofluidic System and single B-cell antibody discovery workflow during the meeting.

BLI debut in France

On December 02, 2021, Berkeley Lights, Inc. (BLI), acquired the Berkeley Lights Beacon® system via a Tech Access subscription to help further its mission of helping its customers in the generation and validation of novel therapeutic antibodies against cancer and inflammatory diseases.

This will be the first Beacon platform to be used in France, a fully integrated platform for antibody-based therapeutic development in cancer and inflammation fields. The Beacon platform will replace MImAbs’ hybridoma system.

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Conclusion

Berkeley Lights Inc. shares dropped on Wednesday after the biotech drug developer said it is looking for a new chief executive and forecast revenue below Wall Street estimates of $90.8 million for FY 2021.

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