AbbVie (ABBV) stock falls after new schizophrenia drug fails in two trials

AbbVie Inc. shares fell by the most in three years after two moderate trials of its drug to treat schizophrenia failed to meet their primary goal, a setback for its $8.7 billion acquisition of Cerevel Therapeutics by the company at the beginning of the year.

The drug emraclidine showed no statistically significant improvement on a scale used to measure the severity of mental illness symptoms, AbbVie said Monday. The company plans to analyze the data to determine next steps.