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Eli Lilly & Co.'s Inc.'s stock soared 11% early Thursday, after the drug maker reported positive results from a late-stage trial of a GLP-1 treatment for Type 2 diabetes and obesity in pill form.The company  said the drug called orforglipron showed statistically significant results in the Phase 3 trial and a safety profile that was consistent with injectable GLP-1 medicines. The once-daily treatment lowered A1C by an average of 1.3% to 1.6% across doses at 40 weeks, and reduced weight by an average of 16 lbs. at the highest dose. A1C is a test used to measure blood sugar.The drug is the first oral small-molecule GLP-receptor agonist to successfully complete a Phase 3 trial, said Lilly in a statement. 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The stock has declined 31.4% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround.We use Relative Strength Index , one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. 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