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

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.

In the wake of this sell-off, a critical question arises about whether LLY stock represents a buying opportunity.