Bristol Myers Squibb Co. shares surged 12.5% Monday after rival AbbVie Inc. reported disappointing results from the trial of a new schizophrenia drug.

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.

By Puyaan Singh and Bhanvi Satija (Reuters) -AbbVie shares fell over 12% on Monday after an experimental schizophrenia drug the company acquired last year failed two mid-stage studies, widening rival Bristol Myers Squibb's lead in the market for new treatments for the condition.

Key Takeaways Shares of AbbVie plummeted Monday after the company said its schizophrenia drug Emraclidine missed key goals in a pair of trials.Abbvie said the trials did not show a statistically significant improvement in symptoms compared with the placebo group at week 6.

Shares of pharma major AbbVie Inc ($ABBV) tumbled over 12% on Monday after the company disclosed that its Schizophrenia drug trial failed to meet their primary endpoint. AbbVie said its two phase 2 EMPOWER trials investigating emraclidine as a once-daily,