Published August 5, 2016 8:32am EDT | Updated August 5, 2016 10:04am EDT

Bristol-Myers Lung Cancer Drug Did Not Meet Primary Endpoint In Late-stage Trial

Bristol-Myers Squibb Co. shares plummeted as much as 19.0% in pre-market trade Friday after the company said its non-small cell lung cancer drug did not meet its primary endpoint in a phase 3 clinical trial. The drug, Opdivo, is already approved to treat some types of cancer and was being investigated for previously untreated advanced non-small cell lung cancer. Shares of the company rose 5.9% over the last three months, compared with a 5.5% rise in the S&P 500 .