Shares of AbbVie (ABBV) are sinking on Monday after the company said two mid-stage trials of its investigative treatment for adults with schizophrenia missed their primary endpoints. AbbVie’s two Phase 2 EMPOWER trials investigating emraclidine as a once-daily, oral monotherapy treatment for adults with schizophrenia who are experiencing an acute exacerbation of psychotic symptoms, did not meet their primary endpoint of showing a statistically significant reduction – improvement – in the change from baseline in the Positive and Negative Syndrome Scale total score compared to the placebo group at week 6. Following the disclosure, AbbVie shares have fallen about 12% to $175.85 in Monday morning trading, while those of competitor Bristol Myers (BMY) have gained nearly 11% to $59.90.
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