Eli Lilly rises after pill cuts body weight by 10.5% in diabetes patients

Shares of Eli Lilly LLY.N rise 4.2% to $724.02 in morning trade

Stock set to have its best day in nearly three months, if gains hold

Drugmaker says its experimental GLP-1 pill helped overweight adults with type 2 diabetes shed 10.5% of body weight in a late-stage trial

The once-daily pill, orforglipron, also helped 75% of patients who received the highest dose lower their A1C level - a measure of blood sugar over time - to at or below 6.5%

The American Diabetes Association has an A1C target level of less than 7% for most adults for managing diabetes

LLY says it now has the full clinical package needed to start filing for approvals of orforglipron with various regulators

Shares of rival Viking Therapeutics VKTX.O, which is also developing a weight-loss pill, down 2.5%, while U.S.-listed shares of Novo Nordisk NOVOb.CO, NVO.N fall 2.3%

Including session's move, LLY stock down 7%, NVO down 36.2%, VKTX down 38.1% YTD