AbbVie Shares Plummet After Schizophrenia Drug Trial Setback
Bristol Myers Squibb's stock surged over 14% following the failure of AbbVie's experimental schizophrenia drug, emraclidine, in midstage trials. This development strengthens the market position of Bristol Myers' newly approved schizophrenia treatment, Cobenfy, which was acquired through the $14 billion purchase of Karuna Therapeutics. AbbVie's drug did not show significant improvement in symptoms compared to a placebo, leading to a significant drop in AbbVie's stock.