Shares of Eli Lilly (NYSE: LLY) were jumping 3.3% higher as of 12:07 p.m. ET on Wednesday. This gain looked even better considering that the major market indexes were all slumping.

Lilly was able to swim against the market current primarily because of investors' enthusiasm about the prospects for the company's weight-loss drug Zepbound. On Tuesday, analyst Evan Seigerman wrote to clients that Lilly's drug already appeared to be taking market share away from Novo Nordisk's Ozempic and Wegovy. Seigerman stated, "This is early validation that Lilly's franchise will dominate the landscape in 2024."

It does seem likely that Siegerman's bullish take on Zepbound will eventually be proven correct. However, whether or not Zepbound truly dominates the obesity market in 2024 is another matter.

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Source Fool.com