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.

Bristol-Myers Squibb (BMY) stock was upgraded by Leerink Partners based on a potential sales boost for its schizophrenia therapy and blood thinner. Read more here.