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 Spectrum Pharmaceuticals (Nasdaq: SPPI) rose as much as 14% in intraday trading after the Food and Drug Administration approved Fusilev as a colon cancer treatment.

So what: The decision marks a welcome vindication for Fusilev, which the FDA initially denied, eventually concluding it was an effective enough treatment following an October 2009 submission. Eighteen months later, the drug will now see its way to patients in need.

Now what: For investors, the ruling means that Spectrum now has two approved cancer treatments in its biotech portfolio. The other, lymphoma drug Zevalin, helped Spectrum nearly double revenues in 2010. Asking the same this year may be asking too much, but there's little doubt this growth story is getting going.

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

Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. You can try any of our Foolish newsletter services free for 30 days.

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