Helix Energy Solutions Group Inc
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Energy : Energy Equipment & Services | Small Cap Value
Company profile

Helix Energy Solutions Group, Inc. is an international offshore energy services company. The Company provides services to the offshore energy industry, with a focus on well intervention and robotics operations. The Company operates in three segments: Well Intervention, Robotics and Production Facilities. Its Well Intervention segment includes the Company's vessels and equipment used to perform well intervention services primarily in the Gulf of Mexico and North Sea regions. Its Robotics segment includes remotely operated vehicles (ROVs), trenchers and ROVDrills designed to complement offshore construction and well intervention services, and operates chartered ROV support vessels. Its Production Facilities segment includes the Helix Producer I (the HP I), a floating production vessel, the Helix Fast Response System (the HFRS), and its ownership interest in Independence Hub, LLC (Independence Hub).

Premarket

Last Trade
Delayed
$3.02
0.41 (15.71%)
Bid
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Market Hours

Closing Price
$2.61
Day's Change
0.00 (0.00%)
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Volume
(Light)
Volume:
67,156

10-day average volume:
2,419,618
67,156

UPDATE: Gilead's stock has fallen 21% since April 30, underscoring investor questions about remdesivir's potential

6:04 am ET September 1, 2020 (MarketWatch)
Print

By Jaimy Lee

One Wall Street analyst attributes the drop-off to market skepticism around staying power for the experimental COVID-19 treatment

In the four months since Gilead Sciences Inc. first received emergency authorization for the experimental COVID-19 drug remdesivir, its stock has done the opposite of what you would expect -- it has dropped 21%.

The decline is still evident even after the drug manufacturer received a new emergency-use authorization (http://www.marketwatch.com/story/gilead-coronavirus-drug-use-expanded-to-include-moderate-cases-11598649000) from the Food and Drug Administration on Friday that broadens the allowed use of remdesivir in patients who have been hospitalized with moderate forms of COVID-19, not just the severely ill.

Shares of Gilead (GILD) were up 1.9% near the close of trading on Monday.

Gilead's stock hit a year-to-date high of $84 on April 30, which was the day it released the first comprehensive set of clinical trial data about how remdesivir performed in severely ill COVID-19 patients. The FDA awarded the EUA (http://www.marketwatch.com/story/how-gileads-remdesivir-became-the-leader-in-the-rush-to-find-a-treatment-for-covid-19-2020-05-01) on May 1. (The stock's low for the year was $62.63 on Jan. 21.)

Coronavirus update:U.S. case tally climbs above 6 million and FDA head says he won't be pressured to rush out a vaccine (http://www.marketwatch.com/story/coronavirus-update-us-case-tally-edges-closer-to-6-million-and-fda-head-says-he-wont-be-pressured-to-rush-out-a-vaccine-2020-08-31)

One Wall Street analyst attributes the drop-off to market skepticism around remdesivir's staying power. Much of the excitement for remdesivir and Gilead stems from the fact that the drug was the first new COVID-19 treatment to receive an EUA during the early stages of the public health crisis in the U.S.

"Its utility may be continually lessened going forward as better therapies emerge," Raymond James analyst Steven Seedhouse wrote in an Aug. 27 email. "Dexamethasone and perhaps even convalescent plasma already appear to be good alternatives to treat hospitalized patients."

Researchers in the U.K. reported in mid-June (http://www.marketwatch.com/story/uk-trial-sparks-interest-in-dexamethasones-potential-as-a-treatment-for-severely-ill-covid-19-patients-2020-06-16) that the steroid dexamethasone can reduce the risk of death in COVID-19 patients, which is a far more definitive clinical finding than remdesivir's ability to reduce recovery times for some hospitalized COVID-19 patients. The FDA last week granted an EUA to convalescent plasma (http://www.marketwatch.com/story/fda-authorizes-plasma-treatment-for-covid-19-patients-2020-08-23) as another new treatment for coronavirus patients.

"The data that were relied upon for emergency-use authorization of remdesivir have never been followed in my view by any more compelling data including any evidence that a bona fide survival benefit is conferred by remdesivir," Seedhouse added. "In fact it's the opposite, [and] there has been persistent skepticism backed by data/analysis."

See also:Moderna and Pfizer's COVID-19 vaccine candidates require ultra-low temperatures, raising questions about storage, distribution (http://www.marketwatch.com/story/moderna-and-pfizers-covid-19-vaccine-candidates-require-ultra-low-temperatures-raising-questions-about-storage-distribution-2020-08-27)

Many but not all of the so-called virus stocks -- companies developing and in some cases selling tests, treatments and supplies used in the treatment of COVID-19 patients -- are outperforming standard indexes like the S&P 500 and the Health Care Select Sector SPDR Fund (XLV). However, Gilead's stock has struggled to maintain its momentum since April's peak.

Looking at the last three months, Gilead's stock is down 14.6%. The S&P 500 has gained 15.8%, and the Health Care Select Sector SPDR Fund is up 4.3%. Abbott Laboratories (ABT), which has received emergency authorization for six COVID-19 tests, has watched its stock jump 15.2%. Shares of Moderna Inc. (MRNA), which is developing one of the front-running COVID-19 vaccine candidates, have rallied 4.9%. Johnson & Johnson's stock (JNJ) is up 3.3% over the last three months as it has moved forward with a vaccine candidate of its own.

However, shares of Pfizer Inc. (PFE), which is jointly developing COVID-19 vaccines with BioNTech (BNTX), are down 1.2%.

-Jaimy Lee; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 01, 2020 06:04 ET (10:04 GMT)

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