Shares of drugmaker Bristol-Myers Squibb (BMY) - Get Report traded lower on Wednesday after the pharmaceutical giant said a recent trial involving one of its treatments for melanoma skin cancer didn't meet its main goal.

Bristol-Myers stock was down about 1% at $55.93 in morning trading on Wednesday after the company said preliminary results from its trial on stage 3 and 4 melanoma cancer surgery patients using Opdivo (nivolumab) plus Yervoy (ipilimumab) vs. Opdivo alone did not provide a "statistically significant benefit."

"A statistically significant benefit was not reached for the co-primary endpoint of recurrence-free survival (RFS) in patients whose tumors expressed PD-L1 <1%," the company said in a statement.

The phase 3 "Checkmate -915" study involved 1,943 patients. Melanoma is a form of skin cancer characterized by uncontrolled growth of pigment-producing cells (melanocytes) located in the skin. Metastatic melanoma is the deadliest form of the disease and occurs when cancer spreads beyond the surface of the skin to other organs.

The World Health Organization estimates that melanoma diagnoses will reach 424,102 globally by 2035, with 94,308 related deaths.

Patients in the U.S. diagnosed with advanced melanoma classified as Stage 4 historically have a five-year survival rate of 15% to 20% and a 10-year survival of 10% to 15%. 

Separately Bristol Myers-Squibb last week announced that it received approval from the U.S. Federal Trade Commission for its planned $74 billion acquisition of Celgene (CELG) - Get Report by the end of the year.