Why Berkeley Lights Stock Went Dark on Thursday

Thursday was an eventful day for digital cell biology company Berkeley Lights (NASDAQ: BLI)... but not in a good way. Following news of a c-suite departure and a business update, investors aggressively sold off the company's stock. At the end of the day, the shares suffered a steep fall of just over 39%.

The vacating executive is none other than CEO Eric Hobbs, who is staying with Berkeley Lights by shifting to president of its antibody therapeutics business. He will remain in his current post and keep his seat on the board of directors until a replacement is found. The company has retained an executive search firm to aid in the hunt for that person.

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Source Fool.com