Markets took a move lower into the close Tuesday after Eli Lilly announced that U.S. officials have ordered a pause to a late-stage trial of its coronavirus treatment candidate.
Eli Lilly was working on a monoclonal antibody treatment that combined with other treatments would reduce viral load, symptoms and hospitalizations from COVID-19.
“Safety is of the utmost importance to Lilly. We are aware that, out of an abundance of caution, the Activ-3 independent data safety monitoring board has recommended a pause in enrollment,” the company said in a statement to CNBC.
Activ-3 was one of several trials making up the National Institute of Health’s “Activ” program. During the Activ-3 trial, Lilly’s monoclonal antibody was combined with with Gilead Sciences’ remdesivir.
News of the halt in Lilly’s trial came less than 24 hours after Johnson & Johnson announced it was pausing its late-stage coronavirus vaccine trial due to an unexplained illness from a trial participant.
Should investors trade on trial results or should they be considered an expected part of the process?
Jim Cramer said investors are underestimating the potential impact of a pause in the Eli Lilly coronavirus treatment trial.
Catch Cramer's full take on Eli Lilly and why he thinks the pause in the trial is so significant in the video above.