Lilly's weight-loss medications Mounjaro and Zepbound are gaining market share on Novo's Wegovy and Ozempic, but investors remain unconvinced.

Some would say Eli Lilly just had its Novo Nordisk moment. Analysts mostly agree that the selloff in Lilly shares after the company released disappointing data on its experimental weight-loss pill was overdone. Nonetheless, many analyst trimmed their price targets on shares.

Novo Nordisk has been losing big in the past year and is down over 66% from its peak in 2024. On the other hand, Eli Lilly plateaued but remained ahead of NVO stock as its drug pi