Muddled Data Dents Medarex Shares

Yet Medarex seemed to contradict itself Monday by acknowledging that there, a 10% response rate hurdle existed in its key phase III trial. Ipilimumab couldn't get over it, so the trial failed.

The company is holding a conference call Tuesday morning, so perhaps some of these questions and inconsistencies will be answered. But more specific data isn't likely to be offered. My guess is that it won't see actual data from these trials until the annual meeting of the American Society of Clinical Oncology in May.

In the meantime, the debate over Medarex is likely to continue. The company and Bristol-Myers Squibb seem intent on seeking FDA approval, good data or not. If that happens, the debate will continue well into next year.