Key Takeaways
- Shares of AbbVie plummeted Monday after the company said its schizophrenia drug Emraclidine missed key goals in a pair of trials.
Abbvie said the trials did not show a statistically significant improvement in symptoms compared with the placebo group at week 6. - Meanwhile, shares of Bristol Myers Squibb, makers of recently approved schizophrenia treatment Cobenfy, soared 12%.
Shares of AbbVie (ABBV) plummeted Monday after the company said its schizophrenia drug Emraclidine missed key goals in a pair of Phase 2 clinical trials.
AbbVie said the trials did not show a statistically significant improvement in symptoms compared with the placebo group at week 6.
“While we are disappointed with the results, we are continuing to analyze the data to determine next steps,” AbbVie Chief Scientific Officer Dr. Roopal Thakkar said.
Abbvie’s shares were recently down 12%. Meanwhile, shares of Bristol Myers Squibb (BMY), makers of recently approved schizophrenia treatment Cobenfy, soared 12%.
AbbVie shares are up about 13% this year, while those of Bristol Myers Squibb have risen 18%.
