AbbVie's Schizophrenia Failure Disappoints But Analysts Show Confidence In Immunology Portfolio

Benzinga11-13

On Monday, AbbVie Inc (NYSE:ABBV) stock plunged after two trials investigating emraclidine as a once-daily, oral monotherapy treatment for adults with schizophrenia failed two Phase 2 trials. The ...

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class=\"title\">\nAbbVie's Schizophrenia Failure Disappoints But Analysts Show Confidence In Immunology Portfolio\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-13 02:52 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/abbvies-schizophrenia-failure-disappoints-analysts-185244497.html><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>On Monday, AbbVie Inc (NYSE:ABBV) stock plunged after two trials investigating emraclidine as a once-daily, oral monotherapy treatment for adults with schizophrenia failed two Phase 2 trials.\nThe ...</p>\n\n<a href=\"https://finance.yahoo.com/news/abbvies-schizophrenia-failure-disappoints-analysts-185244497.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B2B36J28.USD","symbol_name":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) 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Myers Squibb& Co’s  Cobenfy  is poised to have less commercial competition.The analyst also adds that the update will likely raise questions about strategy in neuroscience for AbbVie, which was highlighted during their third-quarter earnings call.The analyst, with a Buy rating and $215 price target, is still positive on AbbVie’s growth prospects particularly from their immunology I&I franchise.Emraclidine was part of AbbVie’s acquisition of Cerevel last year, which also included Tavapadon, which recently reported positive Phase 3 results in Parkinson’s ","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B2B36J28.USD":"JANUS HENDERSON GLOBAL LIFE SCIENCES \"I1\" (USD) INC","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU0321505868.SGD":"Schroder ISF Global 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score compared to the placebo group at week 6.\nTruist says due to the failure, Bristol Myers Squibb & Co’s (NYSE:BMY) Cobenfy (xanomeline and trospium chloride, KarXT) is poised to have less commercial competition.\nThe analyst also adds that the update will likely raise questions about strategy in neuroscience for AbbVie, which was highlighted during their third-quarter earnings call.\nThe analyst, with a Buy rating and $215 price target, is still positive on AbbVie’s growth prospects particularly from their immunology I&I franchise.\nEmraclidine was part of AbbVie’s acquisition of Cerevel last year, which also included Tavapadon, which recently reported positive Phase 3 results in Parkinson’s disease.\nThe trial met its primary endpoint – patients treated with tavapadon in both dose groups experienced a statistically significant reduction (improvement) from baseline compared to placebo (placebo: +1.8; 5 mg: -9.7; 15 mg: -10.2 versus placebo) in the Movement Disorder Society – Unified Parkinson’s Disease Rating Scale (MDS-UPDRS) Parts II and III combined score at week 26.\nAlso Read: AbbVie’s Emraclidine For Schizophrenia ‘Surprisingly Disappoints,’ Analyst Says Pipeline Is Underappreciated\nBMO Capital Markets writes, “AbbVie core I&I thesis intact, but this one stings.”\nThe analyst has lowered the price target from $228 to $208 and maintains the Outperform rating, citing confidence in the immunology portfolio.\nBMO analyst writes that While Neurocrine Biosciences Inc’s (NASDAQ:NBIX) mixed phase 2 data from NBI-1117568 showed some efficacy, there was absolutely no benefit in these trials. Bristol’s Cobenfy is now poised to dominate the schizophrenia market, the analyst adds.\nBMO has reduced the probability of success for emraclidine to 0%, which was previously estimated to reach a potential $3.9 billion in global unadjusted peak sales in the Schizophrenia indication.\nPrice Action: ABBV stock is down 0.84% at $172.96 at last check Tuesday.\nPhoto via Shutterstock\nRead Next:\n\nBristol-Myers Squibb’s $14 Billion Potential – Analyst Upgrades Stock\n\nLatest Ratings for ABBV\n\n\n\nDate\nFirm\nAction\nFrom\nTo\n\n\n\n\nFeb 2022\nUBS\nDowngrades\nBuy\nNeutral\n\n\nFeb 2022\nMizuho\nMaintains\n\nBuy\n\n\nFeb 2022\nBarclays\nMaintains\n\nEqual-Weight\n\n\n\n View More Analyst Ratings for ABBV \n View the Latest Analyst Ratings \nUNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.\nGet the latest stock analysis from Benzinga?\n\nThis article AbbVie's Schizophrenia Failure Disappoints But Analysts Show Confidence In Immunology Portfolio originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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