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.

AbbVie said on Monday its experimental schizophrenia drug failed to meet the main goal of two mid-stage trials, sending its shares down more than 11% in premarket trading.The drug, emraclidine, failed to show a statistically significant improvement on a widely used scale for measuring symptom severity of schizophrenia.

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