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: Biotech Onyx Pharmaceuticals (Nasdaq: ONXX) saw its shares jump as much as 14% in early trading today after reporting positive results from a key clinical trial of its experimental multiple myeloma drug, carfilzomib.

So what: Based on the strong phase II data, in which about one-third of patients responded to the drug for more than eight months, Onyx might be able to market its treatment much earlier than expected. Being able to access the $16 billion hematologic cancer market would obviously be a big deal for the relatively small Onyx, so it's no surprise that investors are loudly applauding the news.  

Now what: Onyx's growth prospects are certainly worth looking into. While it will have to butt heads with the likes of Celgene (Nasdaq: CELG) and Johnson & Johnson (NYSE: JNJ) if carfilzomib gets approved, today's results indicate that Onyx may have an edge in the space. When you couple that potential with the fact that Onyx's small-molecule drug Nexavar is already growing rapidly overseas, today's pop might just be a drop in the bucket.

Interested in more info on Onyx? Add it to your watchlist.

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Johnson & Johnson is a Motley Fool Income Investor pick. Motley Fool Options has recommended a diagonal call position on Johnson & Johnson, and the Fool owns shares of it. Try any of our Foolish newsletter services free for 30 days.

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