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 Incyte (Nasdaq: INCY) bounced 10% higher today on news that the company's drug INCB18424 met study goals.

So what: Patients had a 42% response rate to the treatment for myelofibrosis versus less than 1% for a dummy drug, meeting the company's expectations. An FDA review is expected to take six months, and Incyte expects to launch the drug by the end of next year.

Now what: The drug has already received fast track and orphan drug status from the FDA and doesn't need to be tested in another late-stage trial. This positive news is just what shares of Incyte need to keep their two-year stock run going. I am buying the move today; as the company gets closer to product launch, we should see even more positive momentum, barring major setbacks.

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

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.

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