Investing.com -- Shares of weight loss drug makers Eli Lilly and Novo Nordisk traded lower on Tuesday after CVS Health announced its decision regarding Medicare obesity drug coverage.

According to a company spokesperson quoted by Bloomberg News, 'CVS Health opted out of the Medicare obesity drug coverage model."

Eli Lilly shares fell 3.8%, while Novo Nordisk declined over 4.3% around 11 a.m.