Shares of Eli Lilly (NYSE:LLY) declined 3.8% to $718.08 on Monday, marking the fifth consecutive session of losses for the pharmaceutical giant.
The drop comes amid market reactions to the nomination of Robert F. Kennedy Jr. as head of the U.S. Department of Health and Human Services (HHS), announced last Thursday.
BMO Capital Markets analyst Evan Seigerman attributed the continued decline to concerns over Kennedy's critical stance on obesity drugs.
Kennedy has argued that these medications focus on treating symptoms rather than addressing systemic issues within the food system.
Despite this, Seigerman noted that Kennedy's ability to influence policy or pricing for obesity treatments remains limited.
The nomination has also impacted other players in the obesity drug market.
Novo Nordisk (NYSE:NVO), a rival of Eli Lilly, saw its U.S.-listed shares fall 1.5% to $100.20 on Monday.
Both companies have faced market pressure since Kennedy's nomination was announced.
Eli Lilly, which had experienced a 55% surge in its stock price through October, making it the world's most valuable healthcare company, remains up 23.9% year-to-date as of last close.
Novo Nordisk, however, has seen a 3% decline in its stock over the same period.