Citi analyst Geoff Meacham lowered the firm’s price target on AbbVie (ABBV) to $215 from $226 and keeps a Buy rating on the shares. The firm says the pivotal Phase 2 data for AbbVie’s emraclidine “surprisingly failed” to demonstrate a statistically significant change from baseline in the Positive and Negative Symptom Scale total score in the EMPOWER-1 and – 2 studies for schizophrenia. Considered the anchor value driver of AbbVie’s $9B acquisition of Cerevel emraclidine was expected to generate at least $2B-$2.5B in sales near the end of the decade and compete effectively against Bristol’s (BMY) Coben, the analyst tells investors in a research note. Citi has taken emraclidine out of its model.
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