Eli Lilly 's stock is still recovering after the drugmaker released trial data earlier this month on its closely watched obesity pill that underwhelmed Wall Street.

In a key late-stage trial, Eli Lilly's pill, orforglipron, caused less weight loss and had higher side effects than what analysts were expecting. The pill's efficacy also appeared to come in slightly below that of Novo Nordisk 's oral semaglutide for obesity, which showed strong data in a separate study.

Shares of Eli Lilly fell about 13% on the day the trial results were released, although they're up about 12% since then.

But some analysts say Eli Lilly's daily pill, if approved, could still be a viable competitor in the weight loss drug space — even if it will likely be second to enter the market. It'

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