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 Protalix BioTherapeutics (AMEX: PLX) fell as much as 22% in early trading after getting notice of a delay from the FDA.

So what: The FDA extended its goal date for approving taliglucerase alfa (say that ten times fast) by three months to May 1 of next year. The delay didn't come with a request for more data, but the market thought it was the end of the world in early trading, an overreaction that has corrected slightly as trading continued today.

Now what: The delay doesn't seem to indicate anything is wrong with the treatment for Gaucher disease, but it's not a great sign. This will push back potential cash flows from the treatment, which makes the treatment less valuable in present value terms. But the sell-off was a bit overdone this morning, and if you're looking to get into shares, I see this as a great opportunity to buy.

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