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 hospital software specialist MedAssets (Nasdaq: MDAS) plummeted 30% in early Friday trading after its quarterly results and full-year outlook came in well below Wall Street expectations.

So what: Excluding charges, MedAssets posted an adjusted fourth-quarter profit of $0.18 per share on $106.9 million in revenue, while analysts were expecting $0.22 in per-share earnings and a top line of $121.2 million. Investors are sending the stock down to new 52-week lows on the particularly weak results, with nearly 9 million shares having been traded at the time of this writing (versus the average volume of just 481,000 shares).

Now what: Today's 30% plunge might be providing an attractive entry point. While it also managed to disappoint Wall Street, management's full-year earnings forecast of $0.94-$1.04 has the stock trading at a forward P/E of about 15. That's much cheaper than rivals like Accretive Health (NYSE: AH) and Cerner (Nasdaq: CERN), making MedAssets a relatively attractive bet.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Fool's disclosure policy always gets a perfect score.