Eli Lilly dips after HSBC's double downgrade

Eli Lilly LLY.N shares dip 1.5% to $871.60 after HSBC double downgrades rating on drugmaer's shares to "reduce" from "buy"

Rival Novo Nordisk NOVOb.CO launches weight-loss drug Wegovy in Thailand ahead of Lilly's Zepbound

Brokerage also cuts PT on Lilly's shares to $700 from $1150, saying there is "too much optimism in the price"

HSBC says obesity drug sector is sensitive to macro environment and sector's growth risk due to higher unemployment numbers is unknown

"We prefer Novo (Nordisk) over Lilly at the current share price", HSBC adds

Brokerage also downgrades Roche ROG.S, Biogen BIIB.O to "hold" from "buy," citing forex and China diagnostics risks for Roche and slow Alzheimer's adoption for Biogen

23 of 29 analysts rate Lilly shares "buy" or higher, 5 "hold" and 1 "sell", median PT $1,000 - LSEG

YTD, as of last close Lilly shares up 14.6%, ROG up 3.6% and BIO down 22.3%