Eli Lilly is one step closer to bringing an oral weight loss medicine to the booming obesity drug market. A clinical trial saw people lose 12% of body weight.

Lilly's second-quarter results reported Thursday were still more than fine: $15.5 billion in revenue beat Wall Street estimates.

Eli Lilly stock beats Q2 estimates with strong sales but faces competitive risks and high valuation. Here's why investors may simply want to hold for now.