** Eli Lilly LLY.N shares dip 1.4% premarket to $872.32 after HSBC double downgrades rating to "reduce" from "buy"

** Brokerage also cuts TP to $700 from $1150, saying there is "too much optimism in the price"

** HSBC says obesity drug sector is sensitive to macro environment and sector's growth risk due to higher unemployment numbers is unknown

** "We prefer Novo (Nordisk) over Lilly at the current share price", HSBC adds

** Brokerage also downgrades Roche ROG.S, Biogen BIIB.O to "hold" from "buy," citing forex and China diagnostics risks for Roche and slow Alzheimer's adoption for Biogen

** 23 out of 29 analysts rate stock "buy" or higher, 5 "hold" and 1 "sell", median PT is $1000, as per LSEG data

** YTD, Of last close, LLY up 14.6%, ROG up 3.6% and BIO down 22.3%

(Reporting by Twesha Dikshit)

((Twesha.Dikshit@thomsonreuters.com))