BMO Capital analyst Evan Seigerman lowered the firm’s price target on AbbVie (ABBV) to $208 from $228 and keeps an Outperform rating on the shares. The firm is citing EMPOWER 1 and 2 Emraclidine Phase 2 study outcomes in Schizophrenia failing, noting that with placebo outperforming both active arms in both trials, there is no sugar coating that the main value driver of the $8.7B Cerevel acquisition “is no longer”, .the analyst tells investors in a research note.
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