Bristol Myers Squibb stock jumped after the pharma company won approval for its new schizophrenia drug late Thursday. “This drug takes the first new approach to schizophrenia treatment in decades,” the Food and Drug Administration said.

Bristol-Myers Squibb received FDA's approval for Cobenfy, which is poised to be a game changer in the treatment of Schizophrenia. See why BMY stock is a Buy.

This is a big approval for the company, given that Cobenfy doesn’t have the classic side effects seen in other antipsychotic drugs.

Cobenfy (xanomeline and trospium chloride, KarXT), an oral medication for schizophrenia in adults. Bristol-Myers added the treatment via Karuna Therapeutics deal for $330 per share in cash for a total equity value of $14 billion.

The U.S. Food and Drug Administration approved Bristol Myers Squibb's schizophrenia drug late on Thursday, making it the first new type of antipsychotic medicine in decades.

Given its better valuation, we believe that Bristol Myers Squibb stock (NYSE: BMY) is currently a better pick than its peer – AbbVie stock .

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The first new type of medication in decades to help fight against schizophrenia was approved on Thursday by the U.S. Food and Drug Administration. Cobenfy (xanomeline/trospium chloride) could bring patients what they've long hoped for: A means of easing the hallucinations and "voices" that disrupt their lives without the weight gain and sluggishness of current dopamine-focused drugs.

Bristol-Myers Squibb shares rose in premarket trade on Friday after the Food and Drug Administration approved a schizophrenia drug.

Shares in Bristol-Myers Squibb (BMY) surged Friday, after the Food and Drug Administration approved the drugmaker's novel treatment for schizophrenia. Bristol-Myers shares stood about 6% higher in recent premarket trading,