U.S.-listed shares of Novo Nordisk plunged 7% in intraday trading Thursday after rival Eli Lilly reported positive oral weight-loss drug news and BMO cut its rating for the Danish drug developer's stock.

The tortoise (Eli Lilly) has caught the hare (Novo Nordisk), according to a report from BMO Capital Markets, which cites the superior commercial and clinical portfolios of the Indianapolis company compared to those of its Danish rival.

The analyst highlights that Lilly’s drugs, Mounjaro and Zepbound, will likely keep gaining U.S. market share from Novo Nordisk’s Ozempic and Wegovy. Seigerman noted that although Novo Nordisk initially benefited from being first to market with semaglutide, that early lead is quickly diminishing.