Weatherford International Results are Better than Expected and Cytokinetics Plummets on Negative Tirasemtiv Results
Weatherford International Ltd. (NYSE: WFT) shares climbed higher after reporting earnings. The company's revenue for the first quarter was down 6.3% from a year ago, to $3.6 billion, which also came in below estimates of $3.7 billion from Wall Street. Weatherford International also reported a net loss of $41 million, but on an adjusted basis, earnings were $0.13 per share, $0.02 ahead of estimates. Results were less bad than expected.
Weatherford International Ltd. provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. The company offers controlled-pressure drilling and testing services, including closed-loop, air, controlled pressure, and underbalanced drilling; drilling services, such as directional drilling, logging while drilling, measurement while drilling, and rotary steerable systems; and tubular running services, which consist of tubular connection and installation services for the drilling, completion, and work over of oil or natural gas wells. It also provides drilling tools comprising drilling jars, under reamers, rotating control devices, down hole tools, drill pipe and related tools, tubular handling equipment, and other pressure-control equipment; drilling and project management services; wire line services; re-entry, fishing, and thru-tubing services; equipment for cementing operations; liner systems, such as liner hangers; and integrated laboratory services; and surface logging systems.
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Cytokinetics, Incorporated (NASDAQ: CYTK) shares tanked after disappointing top-line results from the company's BENEFIT-ALS midstage study involving tirasemtiv. Tirasemtiv did not meet its primary efficacy endpoint of delivering a mean change from baseline in the ALS functional rating scale. Secondary endpoints, which analyzed respiratory function and other skeletal functions weren't conclusive, either. CEO Robert Blum said, "Once we have fully evaluated the data from BENEFIT-ALS, we expect to determine whether there is a potential development path forward for tirasemtiv for the potential treatment of ALS and what may be the appropriate next steps."
Cytokinetics, Incorporated, a clinical stage biopharmaceutical company, focuses on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions. Its lead drug candidate from its cardiac muscle contractility program, omecamtiv mecarbil, is in Phase II clinical development for the treatment of heart failure. The company holds a license to develop and commercialize omecamtiv mecarbil and related compounds worldwide.
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