Shares of Eli Lilly & Co. LLY, -0.66% fell 2.4% in premarket trade on Monday after a randomized control trial showed that diabetes drug Trulicity lowered the risk of major cardiovascular events in patients with type 2 diabetes by 12% -- a significant drop in risk, but by less than what some investors had expected. The trial, dubbed REWIND, evaluated 9,901 adults with type 2 diabetes who were receiving standard-of-care therapy. Researchers looked at the effect of adding Trulicity, a glucagon-like peptide 1 receptor agonist, to the patients' regimens, and found that those on the drug saw a significant reduction in their risk of heart attack, non-fatal stroke or cardiovascular death. However, some investors and medical specialists were expecting more -- Cowen analysts said investors they polled earlier this year had anticipated at least a 20% risk reduction. "REWIND's 12% overall risk reduction in 3-point MACE is below expectations, but positives include improvements in all 3 MACE components (especially stroke reduction) and benefits in patients with and without established CV disease," analyst Steve Scala wrote in a note to clients on Monday. Shares of Eli Lilly have gained 2.3% in the year to date through Friday, while the S&P 500 SPX, +0.29% has gained 14.6%.