On July 26th, compared to the historical high of $966.10 set on July 15th, Eli Lilly and Co.'s market cap has shrunk by over $120 billion, and their position as a typical representative of the weight loss drug craze is under threat as at least two competitors have announced exciting progress on their weight loss treatments. In the past eight trading days, the company's stock price has fallen by 14%, which is the worst eight days since 2020. In the past week, Viking Therapeutics and Roche Holding AG's news on weight loss drugs has prompted the sell-off of Eli Lilly's stock. The recent steep decline of Eli Lilly's stock indicates that as competitors gradually approach viable drugs, investors believe that Eli Lilly's and Novo Nordisk's dominant position in the obesity market may come to an end, as the market is expected to reach $130 billion by 2030. Jared Holz, a healthcare specialist at Credit Suisse, said, "We assume it won't always be a 'two-horse race.' With competition trials in the background, we anticipate this relatively sharp response to diminish over time." Earlier on July 25th, Viking announced that their weight loss drug was entering the late stage of trials and exploring monthly doses. The company also stated that they are advancing the oral version of the drug into mid-stage trials starting from Q4.