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 drug developer Dendreon (NASDAQ:DNDN) climbed as high as 10% today after the European Medicines Agency endorsed its prostate cancer treatment Provenge.  

So what: The European Commission, which approves drugs in the European Union, typically relies heavily on the recommendations from EMA, so today's news certainly increases the chances of an eventual Provenge launch in Europe. Of course, sales of Provenge in the U.S. have slumped on high costs and concerns among doctors over its relative effectiveness, giving traders good reason to use the opening pop to take some money off the table.      

Now what: The EMA will make its last recommendation to the European Commission in the coming months, with the EC expected to make a final regulatory decision in the second half of 2013. "We are finalizing our plans for a capital-efficient launch in Europe, including evaluating our partnering options," said Chairman and CEO John Johnson. "We look forward to bringing the innovative treatment of PROVENGE to patients around the world." So while Dendreon might still be too speculative for average investors, today's positive news, coupled with the fact that the shares remain well off their 52-week high, make the stock an interesting pick for biotech-savvy Fools.  

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Fool contributor Brian Pacampara has no position in any stocks mentioned. The Motley Fool owns shares of Dendreon. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.