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

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,

Shares of AbbVie were getting hammered Monday after the drug maker said two Phase 2 trials of its experimental schizophrenia drug showed no significant improvement in symptoms. The drug, emraclidine,

AbbVie said on Monday that an experimental schizophrenia drug it gained through an $8.7 billion deal for Cerevel Therapeutics failed two mid-stage studies, sending the drugmaker's shares plunging 12.5% in early trading.

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.

AbbVie (ABBV) shares dropped 11% premarket as late-stage trials for schizophrenia drug emraclidine did not meet primary endpoint.