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 Neurocrine Biosciences (Nasdaq: NBIX) surged as high as 15% in intraday trading news that a Wall Street analyst issued a positive outlook on the biotech company.

So what: A Jefferies & Co. analyst initiated coverage on Neurocrine with a buy rating and target of $12. If that rather courageous call "hits," it represents a near double for enterprising investors from yesterday's closing price.  

Now what: While the possibility of a big return exists, know that Neurocrine, as is the case with all baby biotechs, can plunge just as hard. Just last month, for example, Neurocrine's shares fell sharply after its depression drug candidate, GSK561679, failed in a midstage clinical trial. No matter which way you look at it, Neurocrine is nothing more than a speculation -- and according to many Fools, not a very attractive one, at that.  

Interested in more info on Neurocrine? Add it to your watchlist by clicking here.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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