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