Lilly's weight-loss pill data 'fell short, but not that short', BofA analysts say

Shares of U.S. drugmaker Eli Lilly LLY.N fall 1% to $634.00

BofA cuts PT on LLY to $900 from $1,000, reiterates "buy" rating

LLY on Thursday reported late-stage data on oral weight-loss drug orforglipron that fell short of Danish rival Novo Nordisk's NOVOb.CO injectable drug Wegovy

The data "fell short, but not that short", BofA analysts said in a client note, adding that the stock reaction was "overdone"

Orforglipron is still a meaningful drug and doctors are unlikely to change their usage of the drug - BofA

"Even with the new orfo data, LLY still stays in pole position in obesity" - BofA

Brokerage estimates $10 billion in orfoglipron peak sales by 2030

Including session moves, stock down ~18% YTD