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Eli Lilly and Company, an American pharmaceutical company headquartered in Indianapolis, announced on Tuesday that it paused the clinical trial of its COVID-19 antibody treatment due to safety concerns, as reported by Reuters.

“Independent Data Safety Monitoring Board recommended a pause in enrollment in Activ-3 trial of COVID antibody treatment,” the company explained.

Market reaction

The company’s shares (LLY: NYSE) fell sharply with the initial reaction and were last seen losing 3% on the day at $149.87. Moreover, this headline seems to be weighing on market sentiment. As of writing, the S&P 500 Index was down 0.8% on the day at 3,506.