AbbVie Stock Falls After Disappointing Schizophrenia Drug Trials

AbbVie (ABBV) shares plunged on Monday after the company said its schizophrenia drug emraclidine missed key targets in two Phase 2 clinical trials.

AbbVie said the trials showed no statistically significant improvement in symptoms at week 6 compared to the placebo group.

“Although we are disappointed with the results, we continue to analyze the data to determine next steps,” said Dr. Roopal Thakkar, chief scientific officer of AbbVie.

Abbvie shares recently fell 12%. Meanwhile, shares of Bristol Myers Squibb (BMY), maker of the recently approved schizophrenia drug Cobenfy, rose 12%.

AbbVie shares are up about 13% this year, while Bristol Myers Squibb’s are up 18%.