Shares of Bristol-Myers (BMY) - Get Report  fell by over 9% in Friday morning trading, after the company announced it would not seek accelerated approval for the lung cancer treatment that was a combination of its drugs Opdivo and Yervoy. 

"I always joke about Bristol-Meyers but Bristol-Meyers is off the reservation," TheStreet's Jim Cramer said from the floor of the New York Stock Exchange today.

First, the company got people's hopes up about Opdivo being the "great lung cancer hope" on its own, and then it got hopes up that this new combination would be the "hope," Cramer explained.

"Now you're evaluating Bristol-Meyers totally away from those prospects and seeing what they have," he said. "And we're all very worried that there may not be as much because it's just incredible how a narrative from October to now is just nothing but negative."

While the stock did go up for some time when people thought Opdivo combined with Yervoy would work great together, "that story was taken away from us today," Cramer concluded.