Wegovy and Zepbound are part of a wave of obesity medications known as GLP-1 receptor agonists that have soared in popularity due to the amount of weight people lose while taking the injections. Coverage of these drugs has been patchy due to in part to their cost and the wide swath of patients who could take them.

Eli Lilly and Company's stock dropped 11% after CVS's Zepbound exclusion, but analysts see a mispricing opportunity. Click for why LLY growth remains strong.

Eli Lilly on Thursday posted better-than-expected quarterly results, but CVS Health's decision to drop the company's obesity drug Zepbound from the list of medicines it covers for reimbursement dragged shares down over 5%.