What's Going On With Bristol-Myers Squibb Shares Monday?

Bristol-Myers Squibb Co BMY shares are trading higher Monday. The stock appears to be reacting positively after AbbVie Inc ABBV announced that its Phase 2 EMPOWER trials did not meet their primary endpoints.

The Details: Abbvie announced that its two Phase 2 EMPOWER trials investigating emraclidine as a once-daily, oral monotherapy treatment for adults with schizophrenia did not meet their primary endpoint.

The trials failed to show a statistically significant improvement in the change from baseline in the Positive and Negative Syndrome Scale (PANSS) total score compared to the placebo group at week 6. While the clinical trials did not meet their primary endpoint, emraclidine was well-tolerated with a safety profile comparable to that observed in the Phase 1b trial. 

“While we are disappointed with the results, we are continuing to analyze the data to determine next steps,” said Roopal Thakkar, executive vice president, research and development, chief scientific officer, AbbVie.

“We would like to extend our gratitude to the study participants and their loved ones as well as to our network of clinical investigative sites for their participation in these trials. We are confident that our innovative pipeline will continue to bring meaningful therapies to patients, and we remain committed to finding better treatments for people living with psychiatric and neurological disorders.”

Related Link: AbbVie’s Emraclidine For Schizophrenia ‘Surprisingly Disappoints,’ Analyst Says Pipeline Is Underappreciated

AbbVie is a large pharmaceutical company with a strong focus on immunology and neuroscience, while Bristol-Myers Squibb, though smaller, emphasizes therapies in oncology and cardiovascular disease.

The U.S. Food and Drug Administration approved Karuna Therapeutics‘ KarXT in September. It was the first schizophrenia drug to be approved since the 1950s. Bristol-Myers Squibb acquired Karuna Therapeutics for $330 per share in cash last year.

BMY Price Action: At the time of publication, Bristol-Myers Squibb stock is up 11% at $60.12, according to data from Benzinga Pro.

Image: Courtesy of Bristol Myers Squibb