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

AbbVie said on Monday its experimental schizophrenia drug failed to meet the main goal of two mid-stage trials, sending its shares down more than 11% in premarket trading.The drug, emraclidine, failed to show a statistically significant improvement on a widely used scale for measuring symptom severity of schizophrenia.

Negative data cost AbbVie billions of dollars in market value and convinced analysts Bristol Myers had placed a better bet in buying Karuna Therapeutics.

AbbVie stock drops after emraclidine fails Phase 2 trials for schizophrenia, raising questions about its neuroscience strategy and boosting competition for Cobenfy.

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 reports disappointing mid-stage data for its schizophrenia drug. Jason Snipe of Odyssey Capital still likes AbbVie stock.

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.