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: Keryx Biopharmaceuticals Inc. (Nasdaq: KERX) shares jumped 10% in intraday trading today.

So What: Shares were up on over three times the average volume for the last three months. There wasn't any news about the company today but Monday saw unusually high call option volume so this move is likely short covering in the market.

Now What: Since this move was not based on company news or earnings investors should be cautious buying into this move. The short interest in the company grew rapidly over the last month to 20.3% and short covering can lead to violent spikes and volatile trading in stocks. Without positive news from the company I don't think the spike in price is meaningful long term.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. Try any of our Foolish newsletter services free for 30 days. True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Motley Fool has a disclosure policy.