Will Pfizer's COVID Pill Crush the Hopes of Merck Investors?

Merck (NYSE: MRK) announced trial results from its COVID pill last month to much excitement. But shortly afterward, Pfizer (NYSE: PFE) did the same, saying its pill was even more effective. As a result of the news from its rival, Merck's stock proceeded to fall, giving back much of the gains it had achieved in the past month.

But did investors overreact here? Does Merck's COVID pill still look to be a boon for the business? Or is the recent bearishness justified?

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Source Fool.com