Novo Nordisk, the Danish maker of Ozempic and Wegovy, announced Tuesday that it has asked the Food and Drug Administration to approve an oral version of its anti-obesity medication, moving ahead in the race between drugmakers to offer a weight loss pill.

Eli Lilly reports positive late-stage data for its weight-loss pill. BMO analyst says Lilly's update will weigh on shares of Novo Nordisk.

Key Takeways 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.