Lilly Gets Lone Sell From HSBC Ahead of Deeper Weight Loss Drug Price Cuts

Eli Lilly & Co. shares tumbled after HSBC turned bearish on the stock, for the second time in a year, saying investor expectations for weight-loss drugs are overinflated.

Analysts led by Rajesh Kumar cut the drugmaker to reduce — its sole sell-equivalent rating — from hold and slashed their price target on the stock to $850, the lowest among the more than 30 analysts tracked by Bloomberg.