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 biopharma company Pharmacyclics (Nasdaq: PCYC) were hopping today, gaining as much as 12% in intraday trading on heavier-than-average volume.

So what: After yesterday's close, Pharmacyclics announced data from the phase IB/II study on its Bruton's tyrosine kinase inhibitor. While the title of the company's presentation -- " Activity and tolerability of the Bruton's tyrosine kinase (Btk) inhibitor PCI-32765 in patients with chronic lymphocytic leukemia/small cell lymphocytic lymphoma (CLL/SLL): Interim results of a Phase Ib/II study" -- doesn't make it sound like a beach read, investors seemed to enjoy it thanks to the encouraging results regarding Pharmacyclics' treatment.

Now what: With most of its treatments still in early stages, Pharmacyclics investors have a ways to go before they'll see anything hitting the bottom line at this company. That doesn't mean that the stock will be sleepy though. News like yesterday's that shows progress (or lack thereof) through the regulatory gauntlet will continue to whip the stock around.

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