In the last few months of 2025, shares of pharmaceutical giant Eli Lilly and Company (NYSE: LLY) went on an undeniable hot streak. From the beginning of August 2025 to the end of the year, the stock rose 41%. Optimism surrounding Lilly’s current and developmental weight loss and diabetes treatments helped fuel the rally. Lilly also gave up relatively little in a drug-pricing deal with the Trump Administration that allowed it to secure tariff exemptions for three years.
As of the Jan. 12 close, Lilly shares are essentially flat in 2026. Despite this, the stock has actually seen a fair bit of volatility so far. This is a result of two key developments: one that markets reacted negatively to, and another that led to a strong upward move. Eli Lilly’s top competitor, Novo Nordisk A/S (NYSE: NVO), and a relatively unknown firm, Ventyx Biosciences (NASDAQ: VTYX), are causing investors to trade the stock up and down.
