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Today Ely Lilly (LLY) announced the positive results on a phase 2 diabetes drug of theirs ( LY3298176 ) via a publication in The Lancet, a presentation at the annual meeting of the European Association for the Study of Diabetes (EASD) and the press release below: Lilly's Investigational Dual GIP and GLP-1 Receptor Agonist Shows Significant Reduction in HbA1c and Body Weight in People With Type 2 Diabetes The press release created a few headlines: Bloomberg: Diabetes Drug's Results Push Lilly to Look at Obesity Too Reuters: Lilly's diabetes drug data impresses, hurts rival Novo's shares The share price of Eli Lilly went up by 4% in an otherwise sour market and that of Danish rival Novo Nordisk (NOVO-B.CO) plummeted some 7-8%

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