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

Leerink upgrades Bristol-Myers Squibb with an increased price target and strong sales projections for Cobenfy and milvexian, predicting significant stock outperformance.

AbbVie (ABBV) shares slide after its schizophrenia drug failed to meet the goals of its mid-stage trial. Shares of Bristol-Myers Squibb (BMY), a competitor which makes a similar drug, have jumped. Market Domination Hosts Julie Hyman and Josh Lipton outline what investors need to know.