Muddled Data Dents Medarex Shares

Medarex(MEDX Quote) reported top-line results from three pivotal studies of its skin cancer drug ipilimumab Monday, and the data appear to be -- on a downward sliding scale -- negative to frustratingly confusing.

In fact, Medarex didn't tell investors much in its ipilimumab announcement, which shouldn't be terribly reassuring to those who were waiting for definitive proof that the drug is the long-awaited panacea for skin cancer.

Yet hope springs eternal, so the company and partner Bristol-Myers Squibb(BMY Quote) say they plan to seek approval for ipilimumab with the Food and Drug Administration in the first half of 2008. ...