Incyte Corporation (NASDAQ:INCY) was falling hard on Friday following news of a failed drug trial.

The Phase 3 trail was to determine the effectiveness of Incyte Corporation’s epacadostat in treating patients with unresectable or metastatic melanoma in combination with Merck & Co., Inc.’s (NYSE:MRK) KEYTRUDA.

Unfortunately for INCY stock, the study was unable to reach is primary endpoint of improving progression-free survival in the overall population when compared to just KEYTRUDA on its own. The company notes that its other primary endpoint of of overall survival also isn’t likely to result in anything statistically significant.

Due to the poor performance of epacadostat in combination with KEYTRUDA, Incyte Corporation is bringing an end to the Phase 3 drug trial. The company says that it plans to continue investigating results from the trial and will present them at an upcoming scientific congress.

“While we are disappointed that this study did not confirm the efficacy of epacadostat in combination with KEYTRUDA in patients with unresectable or metastatic melanoma, data from ECHO-301/KEYNOTE-252, including analyses of an extensive biomarker panel, will contribute to our understanding of the role of IDO1 inhibition in combination with PD-1 antagonists, and may inform our broader epacadostat clinical development program,” Steven Stein, M.D., Chief Medical Officer, Incyte, said in a statement.

The Phase 3 trail of epacadostat alongside KEYTRUDA was a randomized, double-blind, placebo-controlled study. There were a total of 700 patients in the study and they were split one to one based on the different aspects of their tumors.

INCY stock was down 17% and MRK stock was down 1% as of noon Friday.

As of this writing, William White did not hold a position in any of the aforementioned securities.