Eli Lilly’s weight-loss pill disappointed in a key trial, but CEO David Ricks and other insiders together bought nearly $3 million worth of stock in the aftermath of the selloff.

CEO David Ricks bought $1 million of company stock on the open market after the pharmaceutical giant’s share price recently suffered its worst decline since 2008. Take advantage of TipRanks Premium at 50% off!

CEO David Ricks and other top executives have bought nearly $2.9B worth of company stock over the past few days as the Indiana-based drugmaker witnessed a rare selloff last week in reaction to disappointing late-stage trial data for its obesity pill,