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 BioSante Pharmaceuticals (Nasdaq: BPAX), which develops products for female sexual health and oncology, soared a staggering 28% in intraday trading on extraordinarily high volume.

So what: At the time of this writing, a whopping 8.5 million shares of BioSante have already changed hands, blowing passed the three-month average volume of roughly 350,000 shares. It's tough to peg exactly what's driving today's enormous rally, but a recent one-year equity financing extension with Kingsbridge Capital, along with positive write-ups from several sources including Seeking Alpha and, has certainly piqued investor, or better yet, speculative, interest in the stock.

Now what: The few notes I've read on BioSante include insider buying, development deals with the likes of Teva Pharmaceutical, and upcoming key trials (for its therapeutic cancer vaccine and flagship testosterone gel LibiGel) as big reasons to be positive. But while that bull case sounds tempting, BioSante's red ink makes it simply far too much of a gamble, especially after today's huge run-up, for most portfolios. Especially with gorilla rival GlaxoSmithKline paying a more than 5% dividend at the moment, the risks just don't seem worth it.

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