AbbVie’s experimental treatment for schizophrenia failed to significantly help patients in two trials, a blow to the company.

Shares in AbbVie slumped Monday after the company disclosed its psychiatric medicine emraclidine didn’t best placebo in two Phase 2 trials.

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

On Monday, AbbVie Inc (NYSE:ABBV) stock plunged after two trials investigating emraclidine as a once-daily, oral monotherapy treatment for adults with schizophrenia failed two Phase 2 trials. The studies did not meet their primary endpoint of showing 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.

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 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.