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: Novo Nordisk (NYSE: NVO) shares jumped 11% today on news of a favorable FDA ruling.

So What: Shares have been down the last two days on concerns Bydureon -- a new diabetes drug from Amylin (Nasdaq: AMLN), Eli Lilly (NYSE: LLY) and Alkermes (Nasdaq: ALKS) -- would increase competition. Today those fortunes changed when the FDA asked for more testing on Bydureon, pushing the drug back almost two years.

Now What: This is great news for Novo Nordisk's position in the diabetes market in the U.S. but Europe still looms on the horizon. Some analysts expect European approval for Bydureon in the first half of 2011. This risk from Europe makes me think twice before jumping on Novo Nordisk's stock on a day like today.

Interested in more info on Novo Nordisk? Add it to your watchlist here 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.