Medarex (MEDX) is up 17 cents to $8.40 and directional order flow in the options market is bullish, as investors react to news the company will receive a milestone payment from Novartis (NVS)–Link to story. The payment, for an undisclosed amount, is in connection with FDA approval to market Ilaris for the treatment of cryopyrin-associated periodic syndrome. I have absolutely no idea what I just said, but traders in the options market seem to like it. 4,560 calls traded, or about 8X the expected for midday. August 10 calls are the most actives and ISEE sentiment data point to active opening customer call buyers. Implied volatility is up to 63, from about 61.5 the day before.