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.

AbbVie said a recently acquired drug candidate for schizophrenia missed the key goal in mid-stage studies, pushing its stock sharply lower. Phase 2 studies for emraclidine failed to show a statistically significant improvement in symptoms after six weeks,

Steve Grzanich has the business news of the day with the Wintrust Business Minute. Shares of AbbVie have dropped sharply after disappointing trials for its drug to treat schizophrenia. The drug,

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

The failure of emraclidine, which AbbVie obtained after acquiring Cerevel, may present a considerable advantage for rival BMS.

AbbVie’s ABBV mid-stage studies of emraclidine for schizophrenia failed to meet their primary endpoint. Shares of the company lost 12.6% on Monday in response to the disappointing news. However, Bristol Myers’ BMY stock was up 10.