Late-Stage Study of Lilly's COVID-19 Antibody Therapy Paused: Buy the Stock on the Dip?

Do bad things really come in threes? It might seem like the old saying is true with the development of treatments and vaccines for COVID-19. AstraZeneca paused its late-stage studies of coronavirus vaccine candidate AZD1222 last month after one participant had an unexplained illness. Johnson & Johnson followed suit earlier this week, temporarily pausing its late-stage study of COVID-19 vaccine candidate JNJ-78436735.

Now Eli Lilly (NYSE: LLY) has also pumped the brakes. On Tuesday, the big drugmaker said that a clinical trial evaluating its antibody therapy targeting COVID-19 has been paused due to potential safety concerns. The pharma stock fell following this news. Should you buy Lilly on the dip?

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Source Fool.com