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: Cell Therapeutics (Nasdaq: CTIC) shares jumped 11% today on news the company received a positive opinion for Pixuvri.

So what: The European Medicines Agency agreed to a plan for testing Pixuvri in children 6 months to 18 years of age. The drug will treat lymphoid malignancies and solid tumors.

Now what: This news is an incremental positive for Cell Therapeutics and is helping reverse a rough 2010 for the stock. I prefer not to speculate on a stock waiting on a Food and Drug Administration appeal and without consistent revenue, but I can't stand in the way of a stock gaining momentum on positive news. The European news is positive and if the FDA reverses its original decision to require additional clinical trials (which may be unlikely) this stock could rise as fast as it's fallen this year.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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.