Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

AbbVie shares slip after schizophrenia drug trial misses primary endpoint

Source Investing

Investing.com - AbbVie (NYSE:ABBV) has announced that its two phase 2 trials of a treatment for adults with schizophrenia missed its primary endpoint, sending shares in the drugmaker down sharply in premarket US trading.

In a statement, Illinois-based AbbVie said the studies did not show a statistically significant improvement in patients using the medicine, emraclidine, as a once-daily oral monotherapy.

"While we are disappointed with the results, we are continuing to analyze the data to determine next steps," said AbbVie Chief Scientific Officer Roopal Thakkar in a statement.

"We are confident that our innovative pipeline will continue to bring meaningful therapies to patients, and we remain committed to finding better treatments for people living with psychiatric and neurological disorders."

AbbVie currently has approval for its antipsychotic drug Vraylar. It has been pushing to roll out newer medicines for the disease since an $8.7 billion takeover of Cerevel Therapeutics last year.

In October, AbbVie lifted his full-year income forecast, saying its was seeing "momentum" in its operations after third-quarter net revenue topped estimates. The company now expects adjusted profit per share to be between $10.90 to $10.94 in its current fiscal year, up from a prior estimate of $10.67 to $10.87.

In a statement at the time, Chief Executive Robert Michael said the firm has been bolstered by "significant pipeline progress," leading it to have "confidence in the long-term growth outlook." AbbVie has been focusing on building out its pipeline of medications since its blockbuster arthritis drug Humira lost patent protection last year.

Following the announcement on Monday, shares in rival Bristol-Myers Squibb (NYSE:BMY) rose. The US Food and Drug Administration recently approved the group's schizophrenia drug, Cobenfy. Bristol Myers obtained the drug, which is also known as KarXT, through a $14 billion purchase of Karuna Therapeutics in 2023.

(Reuters contributed reporting.)

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Crude Oil Price Forecast: Brent Nears $110 Amid Saudi Pipeline Outage, How Much Further Can Oil Rise?Supply risks in the Middle East continue to heat up, with international oil prices fluctuating at high levels.During Tuesday's Asian trading session, Brent crude futures (UKOIL-F) rose to

Author TradingKey

14 hours ago

Supply risks in the Middle East continue to heat up, with international oil prices fluctuating at high levels.During Tuesday's Asian trading session, Brent crude futures (UKOIL-F) rose to

【Daily Brief】10-year Treasury yield briefly tops 5%, S&P 500 slips to 7,602 and the dollar firms at 99.3 as the Fed's decision eve begins The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Author Irene Q.

14 hours ago

The 10-year Treasury yield touched 5.014% on Monday — its first print above 5% since October 2023 — while the S&P 500 closed 0.48% lower at 7,619.98 and the dollar index firmed to 99.3. Here is the full market wrap ahead of Wednesday's FOMC decision, the dot plot and the August retail sales report, plus today's CLARITY Act Senate vote.

Gold falls below $4,300 as higher US yields bolster Fed rate hike bets Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Author FXStreet

21 hours ago

Gold price (XAU/USD) tumbles to near $4,295 during the early Asian session on Tuesday. The precious metal faces some selling pressure as rising bond yields and surging energy prices strengthen expectations that the US Federal Reserve (Fed) will raise interest rates this week.

Silver Price Forecast: XAG/USD falls to near $63.50 amid Fed hike bets, higher oil prices Silver price (XAG/USD) loses its gains from the previous day, trading around $63.50 per troy ounce during Asian hours on Monday. Non-yielding Silver is currently facing significant headwinds driven by rising Federal Reserve (Fed) rate-hike expectations for the upcoming September decision.

Author FXStreet

Yesterday 10: 37

Silver price (XAG/USD) loses its gains from the previous day, trading around $63.50 per troy ounce during Asian hours on Monday. Non-yielding Silver is currently facing significant headwinds driven by rising Federal Reserve (Fed) rate-hike expectations for the upcoming September decision.

Fed hike odds near 90% into Wednesday's decision — how to trade the dollar, gold and the S&P 500 A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Author Suzie

Yesterday 07: 49

A 0.3% monthly core CPI print has lifted the market-implied probability of a 25bp Fed hike on 16 September to roughly 86.5% ~ 90%, which would be the first increase since July 2023. Here is the decision timeline, the pricing versus the forecasts, both scenarios, and the key levels for the dollar, gold and the S&P 500.

Popular Symbols