Key Takeways U.S.-listed shares of Novo Nordisk plunged 7% in intraday trading Thursday after rival Eli Lilly reported positive oral weight-loss drug news and BMO cut its rating for the Danish drug developer's stock.

Eli Lilly said its new weight-loss pill had cleared a late-stage clinical trial, a promising sign as the company continues to face off with Ozempic maker Novo Nordisk. Eli Lilly said in a news release that its orforglipron pill had passed a Phase 3 trial with “statistically significant efficacy results” and a safety profile consistent with injectable obesity drugs that already are on the market.

Shares of Eli Lilly soared Thursday morning after the pharmaceutical giant announced a clinical trial of its once-daily weight loss pill, orforglipron, demonstrated effectiveness consistent with other injectable GLP-1 weight loss drugs, such as Lilly’s Mounjaro and Novo Nordisk’s Ozempic.