Needham Comments On Medarex (MEDX) After Encouraging Mayo Clinic Cancer News

Analysts at Needham & Co commented on Medarex, Inc. (Nasdaq: MEDX) related to encouraging news that an ongoing Mayo Clinic Phase 2 study on the use of ipilimumab in advanced prostate cancer in combination therapy with androgen ablation.

The firm said, "We think the data today are suggestive of activity for ipilimumab in this cancer and its potential as a "pipeline within a drug," as ipilimumab is being tested across multiple cancers including melanoma (Phase 3) and NSCLC (Phase 2). Yet we still believe that the Phase 3 melanoma trial with data expected 1H10 is the main value driver of the stock at this time."

The firm is maintaining their Buy rating and $11 price target.

Shares of Medarex are up 16% today on the back of the Mayo Clinic news.

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