Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of specialty biotechnology firm Santarus (Nasdaq: SNTS) have had a wild ride today with its shares losing as much as 34% earlier this morning after reporting its second-quarter earnings results.

So what: For the quarter, Santarus reported a 77% increase in revenue to $47.2 million while net income grew 27% to $3.4 million, or $0.05 per share. Unfortunately, Santarus' profits fell $0.03 shy of what Wall Street had expected despite the robust growth. Santarus' guidance calls for the company to hit about $200 million in revenue in fiscal 2012, which is in line with the Street's forecast, and net income of $8 million to $11 million, or what amounts to $0.13 to $0.18 in EPS, more or less in line with analysts' current range of $0.15 to $0.18.

Now what: it's still early in the game, but Santarus showed remarkable growth for its three commercial drugs. Diet-control drugs Glumetza and Cycloset, targeted at type 2 diabetes patients, saw total prescriptions increase by 34% and 100%, respectively, while Fenoglide, which assists in cholesterol reduction, had growth of 17% in total prescriptions. In addition to these commercial drugs, Santarus submitted a new drug application for its ulcerative colitis drug, Uceris, and has multiple other clinical phase trials under way. Personally, I see today's earnings miss and drop as an overreaction and would take a much closer look at Santarus as a potential buy.

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