By Puyaan Singh and Bhanvi Satija (Reuters) -AbbVie shares fell over 12% on Monday after an experimental schizophrenia drug the company acquired last year failed two mid-stage studies, widening rival Bristol Myers Squibb's lead in the market for new treatments for the condition.

AbbVie said a recently acquired drug candidate for schizophrenia missed the key goal in mid-stage studies, pushing its stock sharply lower. Phase 2 studies for emraclidine failed to show a statistically significant improvement in symptoms after six weeks,

AbbVie reports disappointing mid-stage data for its schizophrenia drug. Jason Snipe of Odyssey Capital still likes AbbVie stock.

Negative data cost AbbVie billions of dollars in market value and convinced analysts Bristol Myers had placed a better bet in buying Karuna Therapeutics.

AbbVie’s experimental treatment for schizophrenia failed to significantly help patients in two trials, a blow to the company.

AbbVie stock drops after emraclidine fails Phase 2 trials for schizophrenia, raising questions about its neuroscience strategy and boosting competition for Cobenfy.

Bristol Myers Squibb Co. shares surged 12.5% Monday after rival AbbVie Inc. reported disappointing results from the trial of a new schizophrenia drug. AbbVie shares are down 12.4%. In a statement,

The failure of emraclidine, which AbbVie obtained after acquiring Cerevel, may present a considerable advantage for rival BMS.

AbbVie Inc.’s disappointing trial results for its new schizophrenia drug bode well for rival Bristol Myers Squibb Co., analysts said. On Monday AbbVie ABBV said that its Phase 2 trial investigating emraclidine as a once-daily oral monotherapy treatment for adults with schizophrenia did not meet the primary endpoint of showing a “statistically significant” improvement when compared with a placebo group.