AbbVie Inc.’s disappointing trial results for its new schizophrenia drug bode well for rival Bristol Myers Squibb Co., analysts said. On Monday AbbVie 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.

AbbVie Inc. shares fell the most in three years after two mid-stage trials of its drug to treat schizophrenia failed to meet their primary goal, a blow to the company’s $8.7 billion acquisition of Cerevel Therapeutics earlier this year.

Bristol Myers Squibb Co. shares surged on Monday after rival AbbVie Inc. reported disappointing results from the trial of a new schizophrenia drug. Bristol Myers’s stock was up more than 11% in afternoon trading,

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.