Shares of pharma major AbbVie Inc ($ABBV) tumbled over 12% on Monday after the company disclosed that its Schizophrenia drug trial failed to meet their primary endpoint. AbbVie said its two phase 2 EMPOWER trials investigating emraclidine as a once-daily,

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

AbbVie’s ABBV mid-stage studies of emraclidine for schizophrenia failed to meet their primary endpoint. Shares of the company lost 12.6% on Monday in response to the disappointing news. However, Bristol Myers’ BMY stock was up 10.

AbbVie Inc. shares fell the most in three years after two mid-stage trials of its drug to treat schizophrenia failed to meet their primary goal, a blow to the company’s $8.7 billion acquisition of Cerevel Therapeutics earlier this year.

Leerink Partners upgraded Bristol-Myers Squibb (NYSE:BMY) to Outperform from Market Perform on Tuesday, boosting sales projections for the company’s new schizophrenia therapy Cobenfy following a trial setback to a potentially competing product from AbbVie (ABBV).