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.

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

Rather, it was the Danish pharmaceutical company's No. 1 rival. Appreciative investors bid up Novo Nordisk's stock in a mini-rally that extended into Friday; the company's share price added nearly 5% during today's session.