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 medical device manufacturer Mela Sciences (Nasdaq: MELA) headed for the rafters today, gaining as much as 131% on news that a Food and Drug Administration advisory panel said that the benefits of the company's MelaFind device outweigh the risks.

So what: It was just earlier this week that Mela's shares got hammered after the FDA released its review of MelaFind ahead of the advisory panel meeting. The review seemed to take a pretty critical stance on the device and raised concerns that it wouldn't be approved.

Now what: Before we get too excited, MelaFind may not be out of the woods quite yet. The advisory panel voted 8-7 in favor of the device with one abstention. While the panel's thumbs-up is certainly a breath of fresh air for investors after the FDA's comments earlier in the week, it's important to remember that the FDA is not bound by the panel's recommendation. Looking ahead, investors should be ready for another huge swing when the FDA delivers the final verdict -- if approved, the stock will likely have another big spike, but if the FDA sticks to its skeptical view, the company will have to scramble to finance another study and the stock will no doubt take a dive.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.