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No. 2 - Melanoma Miracle

The traders noticed a mysterious move today in shares of Medarex (MEDX), a biotech firm in Princeton, New Jersey that's developing a skin cancer treatment. What's this all about?

Pete Najarian says he doesn’t know why the stock moved. The only thing he can come up with is a report from July 25th which talks about the miraculous effect of their drug MDX010. The reports suggests the drug cures melanoma says Pete. However, it’s still in clinical trials.

He adds Bristol Myers (BMY) also moved up Wednesday and they are partnered with Medarex in the making of this skin cancer drug.

Eric Bolling doesn’t believe it. He says if there was a drug that cures melanoma; the stock would be up 9000%.

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Trader disclosure: On Aug 8 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Najarian Owns (GS), (MEDX),(NMX, (BMY); Bolling Owns (ICE), (NMX); Bolling Is Short (FXI) But Is Bullish Long-Term; CNBC Is A Service Of NBC Universal And Dow Jones